By Andrea Heisinger
Omaha, Feb. 14 - RPM International Inc. priced $250 million 6.5% 10-year notes Thursday to yield Treasuries plus 285 basis points, an informed source said.
The notes priced on the tight side of talk, which was in the 287.5 bps area over Treasuries, the source said.
The notes (Baa3/BBB-/BBB-) have a price of 98.526 to yield 6.705%. They have a make-whole option at Treasuries plus 45 bps.
The notes also feature a change-of-control option at 101%.
Bookrunners were Banc of America Securities LLC, Goldman Sachs & Co. and Wachovia Capital Securities LLC.
Proceeds will be used to repay, redeem or refinance debt together with accrued and unpaid interest.
The specialty coating and sealant company is based in Medina, Ohio.
| Issuer: | RPM International Inc.
|
| Issue: | Notes
|
| Amount: | $250 million
|
| Maturity: | Feb. 15, 2018
|
| Bookrunners: | Banc of America Securities LLC, Goldman Sachs & Co., Wachovia Capital Securities LLC
|
| Coupon: | 6.5%
|
| Price: | 98.526
|
| Yield: | 6.705%
|
| Spread: | Treasuries plus 285 bps
|
| Call: | Make-whole at Treasuries plus 45 bps
|
| Change-of-control put: | 101%
|
| Trade date: | Feb. 14
|
| Settlement date: | Feb. 20
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Price talk: | 287.5 bps area
|
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