American Bath tightens talk on $335 million eight-year notes, now 7%-7¼%; pricing Friday

By Paul A. Harris

Portland, Ore., Nov. 19 – CP Atlas Buyer, Inc., also known as American Bath Group, tightened talk on its $335 million offering of eight-year senior notes (Caa2/CCC+), according to market sources.

New yield talk is 7% to 7¼%, revised from the 7½% area. Initial guidance was in the 8% area.

Books close at the end of the day on Thursday, and the deal is expected to price early Friday morning.

Lead left bookrunner RBC Capital Markets LLC will bill and deliver. Credit Suisse Securities (USA) LLC, BofA Securities Inc., BMO Capital Markets Corp., Truist Securities Inc., Barclays, UBS Securities LLC, Fifth Third Securities Inc., Stifel, Nicolaus & Co. Inc., Apollo and KKR are the joint bookrunners.

The Rule 144A for life notes come with three years of call protection.

Proceeds will be used to pay off the bridge credit facility. If the acquisition of American Bath by Centerbridge Partners is consummated substantially concurrently with or following the closing of the notes offering, the company may elect not to borrow funds under the bridge, in which case proceeds will be used to fund the acquisition.

The prospective issuer is a Savannah, Tenn.-based designer and manufacturer of fiberglass reinforced plastic, sheet molded compound and acrylic bathtubs and showers.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.