Reliance Comfort sets roadshow for $375 million offering of eight-year secured notes

By Paul A. Harris

Portland, Ore., March 6 – Reliance Comfort plans to start a roadshow on Monday in New York for a $375 million offering of eight-year senior secured notes, according to a market source.

The roadshow moves to Boston on Tuesday, to Toronto and the West Coast of the United States on Wednesday and wraps up on the West Coast on Thursday.

The Rule 144A and Regulation S for life deal is set to price thereafter.

Joint bookrunner Barclays will bill and deliver. RBC Capital Markets Corp. is also a joint bookrunner.

The notes become callable after three years at par plus 75% of the coupon and feature a three-year 35% equity clawback and a 101% poison put.

The Toronto-based company plans to use the proceeds to refinance its 9½% senior secured notes due 2019.

The issuing entity will be Reliance Intermediate Holdings LP, the holding company for its subsidiary and operating company, Reliance LP, which does business as Reliance Home Comfort, a supplier of home infrastructure and services.

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