Published on 5/27/2015 in the Prospect News Investment Grade Daily.
New Issue: RPM details $250 million sale of 5.25% 30-year notes priced at 237.5 bps spread
By Aleesia Forni
Virginia Beach, May 27 – RPM International Inc. detailed its $250 million issue of 5.25% 30-year senior notes (Baa3/BBB/BBB-) priced at Treasuries plus 237.5 basis points in a FWP filed with the Securities and Exchange Commission.
Pricing was at 99.401 to yield 5.29% on Tuesday.
BofA Merrill Lynch and Santander Investment Securities Inc. were the bookrunners.
Proceeds from the deal will be used to reduce debt under the company’s bank revolver.
RPM International is a Medina, Ohio-based company that manufactures and markets specialty chemical products for industrial and consumer markets.
| Issuer: | RPM International Inc.
|
| Amount: | $250 million
|
| Maturity: | June 1, 2045
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Santander Investment Securities Inc.
|
| Co-managers: | KeyBanc Capital Markets Inc., MUFG, RBS Securities Inc., Scotia Capital (USA) Inc.
|
| Coupon: | 5.25%
|
| Price: | 99.401
|
| Yield: | 5.29%
|
| Spread: | Treasuries plus 237.5 bps
|
| Change-of-control put: | 101%
|
| Make-whole call: | Treasuries plus 35 bps prior to Dec. 1, 2044, then callable at par
|
| Pricing date: | May 26
|
| Settlement date: | May 29
|
| Ratings: | Moody’s: Baa3
|
| Standard & Poor’s: BBB
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
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