By Paul A. Harris
Portland, Ore., June 12 – ATS Automation Tooling Systems Inc. priced a $250 million issue of eight-year senior notes (B2/B+) at par to yield 6½% on Friday, according to a market source.
The yield printed at the tight end of the 6½% to 6¾% yield talk.
Initial guidance on the deal came in the 6½% area, according to a trader.
J.P. Morgan Securities LLC and Goldman Sachs & Co. were the joint bookrunners.
The Cambridge, Ont.-based automation solutions provider plans to use the proceeds to repay amounts outstanding under its senior secured credit facility and for general corporate purposes.
| Issuer: | ATS Automation Tooling Systems Inc.
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| Amount: | $250 million
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| Maturity: | June 15, 2023
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| Securities: | Senior notes
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| Bookrunners: | J.P. Morgan Securities LLC, Goldman Sachs & Co.
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| Coupon: | 6½%
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| Price: | Par
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| Yield: | 6½%
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| Call protection: | Three years
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| Trade date: | June 12
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| Settlement date: | June 17
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| Ratings: | Moody's: B2
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| Standard & Poor's: B+
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 6½% to 6¾%
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| Marketing: | Roadshow
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