By Andrea Heisinger
New York, Oct. 18 - RPM International Inc. on Thursday priced $300 million of 3.45% 10-year senior notes to yield Treasuries plus 165 basis points, an informed source said.
The size of the offering was increased from $250 million. The bonds were sold tighter than initial whispers in the 185 bps area, plus or minus 10 bps, and at the low end of revised talk in the 175 bps area, plus or minus 10 bps.
The notes (Baa3/BBB-/BBB-) were sold at 99.871 to yield 3.465%.
There is a make-whole call at Treasuries plus 25 bps until Aug. 15, 2022, and a par call after that date.
The sale features a change-of-control put at 101%.
RBS Securities Inc. and Wells Fargo Securities LLC were the bookrunners.
Co-managers were Bank of America Merrill Lynch and Goldman Sachs & Co.
Proceeds will be used to repay a portion of borrowings under a revolving credit facility.
RPM was last in the bond market with a $150 million reopening of 6.125% 10-year notes priced on May 24, 2011 at Treasuries plus 178 bps.
The specialty chemical products maker is based in Medina, Ohio.
| Issuer: | RPM International Inc.
|
| Issue: | Senior notes
|
| Amount: | $300 million, upsized from $250 million
|
| Maturity: | Nov. 15, 2022
|
| Bookrunners: | RBS Securities Inc., Wells Fargo Securities
|
| Co-managers: | Bank of America Merrill Lynch, Goldman Sachs & Co.
|
| Coupon: | 3.45%
|
| Price: | 99.871
|
| Yield: | 3.465%
|
| Spread: | Treasuries plus 165 bps
|
| Call: | Make-whole at Treasuries plus 25 bps to Aug. 15, 2022, par call after
|
| Change-of-control put: | 101%
|
| Trade date: | Oct. 18
|
| Settlement date: | Oct. 23
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Price talk: | 185 bps area, plus or minus 10 bps (initial), 175 bps area, plus or minus 10 bps (revised)
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
