New Issue: TriMas prices upsized $400 million 4 1/8% eight-year notes at par

By Paul A. Harris

Portland, Ore., March 15 – TriMas Corp. priced an upsized $400 million issue of eight-year senior notes (Ba3/BB-) at par to yield 4 1/8% in a Monday drive-by, according to market sources.

The issue size increased from $350 million.

The yield printed in the middle of the 4% to 4¼% yield talk. Initial guidance was in the low 4% area.

Timing was accelerated. The deal was announced earlier in the day as Tuesday business.

BofA Securities Inc. was the left bookrunner. Joint bookrunners were J.P. Morgan Securities LLC, Wells Fargo Securities LLC and BMO Capital Markets Corp.

The Bloomfield Hills, Mich.-based diversified manufacturer plans to use the proceeds to redeem all of its outstanding 4 7/8% senior notes due 2025, with any remaining proceeds to be used for general corporate purposes, including temporarily paying down its revolver.

Issuer:	TriMas Corp.
Amount:	$400 million, increased from $350 million
Maturity:	April 15, 2029
Securities:	Senior notes
Left bookrunner:	BofA Securities Inc.
Joint bookrunners:	J.P. Morgan Securities LLC, Wells Fargo Securities LLC and BMO Capital Markets Corp.
Co-managers:	KeyBanc Capital Markets Inc. and HSBC Securities (USA) Inc.
Coupon:	4 1/8%
Price:	Par
Yield:	4 1/8%
Spread:	274 bps
First call:	Make-whole call at Treasuries plus 50 bps until April 15, 2024, then callable at 102.063
Equity clawback:	40% at 104.125 until April 15, 2024
Trade date:	March 15
Settlement date:	March 29
Ratings:	Moody's: Ba3
	S&P: BB-
Distribution:	Rule 144A and Regulation S for life
Price talk:	4% to 4¼%
Marketing:	Drive-by

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