RSI Home talks $525 million notes with 7% area yield, pricing Thursday

By Paul A. Harris and Aleesia Forni

Columbus, Ohio, Feb. 14 - RSI Home Products Inc. set talk for a $525 million offering of senior secured second-lien notes due 2018 (B1/B+) at the 7% area, according to a market source.

The books close at 2 p.m. ET on Thursday.

BofA Merrill Lynch, Wells Fargo Securities LLC and Barclays are joint bookrunners for the Rule 144A for life notes.

The securities will be callable in two years at par plus 75% of coupon with a special call that allows the issuer to redeem up to 10% of the notes at 103 for the first two years.

The notes feature a 101% poison put.

Proceeds will be used to repurchase Onex Partners' existing equity stake, to repay all debt under the company's existing credit facilities and for general corporate purposes.

RSI Home is a Lincolnton, N.C.-based manufacturer of in-stock and made-to-stock kitchen, bath and storage products.

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