Ace Hardware to start roadshow Wednesday for $300 million eight-year secured notes

By Paul A. Harris

St. Louis, April 28 - Ace Hardware Corp. will begin a roadshow on Wednesday for its $300 million offering of eight-year senior secured notes (expected ratings Ba3/BB-), according to an informed source.

Pricing is expected at the end of the May 5 week.

Banc of America Securities LLC is the bookrunner for the Rule 144A for life notes.

The notes will come with four years of call protection.

Proceeds will be used to repay debt and for general corporate purposes.

The notes come with first-priority security in real property, stock and other tangible and intangible assets (including the trade name) owned by the issuer and subsidiary guarantors, and a second-priority interest in accounts receivable and investments.

The guarantors include all existing and future non-insurance related domestic subsidiaries.

Oak Brook, Ill.-based Ace Hardware is a marketer and distributor of hardware merchandise to its network of independent retailers.

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