By Paul A. Harris
Portland, Ore., May 21 – Clark Equipment Co. priced a $300 million issue of five-year senior secured notes (Ba3/BB+) at par to yield 5 7/8% on Thursday, according to market sources.
Bookrunners were J.P. Morgan Securities LLC, BofA Securities Inc. and Goldman Sachs & Co. LLC.
The yield came 12.5 basis points through the 6% to 6¼% price talk and well inside of initial guidance in the 6½% area, sources said.
The Dunwoody, Ga.-based supplier of agricultural, construction and materials handling equipment plans to use the proceeds for general corporate purposes.
Clark Equipment is a wholly owned subsidiary of Hong Kong-based Doosan Bobcat Inc.
| Issuer: | Clark Equipment Co.
|
| Amount: | $300 million
|
| Maturity: | June 1, 2025
|
| Securities: | Senior secured notes
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Securities Inc. and Goldman Sachs & Co. LLC
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Spread: | 554 bps
|
| Call protection: | Two years
|
| Trade date: | May 21
|
| Settlement date: | May 29
|
| Ratings: | Moody's: Ba3
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6% to 6¼%
|
| Marketing: | Roadshow
|
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