By Wendy Van Sickle and Cristal Cody
Columbus, Ohio, Jan. 10 – RPM International Inc. priced $300 million of 2.95% senior secured notes due 2032 (Baa3/BBB/BBB-) on Monday at 99.778 to yield 2.976%, or a spread of 120 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.
Price talk was in the Treasuries plus 145 bps area, a market source told Prospect News.
The notes feature a make-whole call at Treasuries plus 20 bps until three months prior to maturity and then a par call.
BofA Securities, Inc. and Goldman Sachs & Co. LLC are the bookrunners.
Proceeds will be used to repay some debt under the company’s revolving credit facility and for general corporate purposes.
RPM is a Medina, Ohio-based company that manufactures and markets specialty chemical products for industrial and consumer markets.
| Issuer: | RPM International Inc.
|
| Amount: | $300 million
|
| Issue: | Senior secured notes
|
| Maturity: | Jan. 15, 2032
|
| Bookrunners: | BofA Securities, Inc. and Goldman Sachs & Co. LLC
|
| Co-managers: | Citizens Capital Markets, Inc., KeyBanc Capital Markets Inc., MUFG, PNC Capital Markets LLC, Santander Investment Securities Inc. and Wells Fargo Securities, LLC
|
| Coupon: | 2.95%
|
| Price: | 99.778
|
| Yield: | 2.976%
|
| Spread: | Treasuries plus 120 bps
|
| Call: | Make-whole call at Treasuries plus 20 bps until Oct. 15, 2031, then a par call
|
| Trade date: | Jan. 10
|
| Settlement date: | Jan. 25
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
| Talk: | Treasuries plus 145 bps area
|
| Cusip: | 749685AY9
|
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