Published on 2/25/2019 in the Prospect News Investment Grade Daily.
New Issue: RPM International sells $350 million 4.55% 10-year notes at 190 bps over Treasuries
By Cristal Cody
Tupelo, Miss., Feb. 25 – RPM International Inc. priced $350 million of 4.55% 10-year notes (Baa3/BBB/BBB) on Monday at 99.856 to yield 4.568%, or a spread of 190 basis points over Treasuries, according to a market source and an FWP filed with the Securities and Exchange Commission.
The notes priced on the tight side of guidance in the Treasuries plus 195 bps area. Initial talk was in the Treasuries plus 212.5 bps area.
BofA Merrill Lynch, Santander Investment Securities Inc. and Wells Fargo Securities LLC were the bookrunners.
Proceeds will be used to repay 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: | $350 million
|
| Description: | Notes
|
| Maturity: | March 1, 2029
|
| Bookrunners: | BofA Merrill Lynch, Santander Investment Securities Inc. and Wells Fargo Securities
|
| Co-managers: | Citizens Capital Markets, Inc., Fifth Third Securities, Inc., KeyBanc Capital Markets Inc., MUFG and PNC Capital Markets LLC
|
| Coupon: | 4.55%
|
| Price: | 99.856
|
| Yield: | 4.568%
|
| Spread: | Treasuries plus 190 bps
|
| Call features: | Make-whole call before Dec. 1, 2028 at price equal to greater of par and Treasuries plus 30 bps; thereafter at par
|
| Change-of-control put: | 101%
|
| Trade date: | Feb. 25
|
| Settlement date: | Feb. 27
|
| Ratings: | Moody’s: Baa3
|
| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 195 bps area, plus or minus 5 bps; initial talk at Treasuries plus 212.5 bps area
|
© 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.
