First Quality to hold investor call on $500 million eight-year notes; pricing Tuesday

By Paul Deckelman

New York, June 20 – First Quality Finance Co. Inc. is expected to price $500 million of senior notes due 2025 (expected ratings B1/BB-) during Tuesday’s session, high-yield syndicate sources said.

The offering will be shopped to potential buyers via an 11 a.m. ET investor call, with pricing expected sometime thereafter.

The sources said that the Rule 144A and Regulation S for life issue is being brought to market via bookrunners Wells Fargo Securities LLC (left bookrunner), J.P. Morgan Securities LLC, BofA Merrill Lynch, Citizens Capital Markets Inc. and SunTrust Robinson Humphrey Inc., along with co-managers SMBC Nikko Securities America, Inc. and BB&T Capital Markets.

The notes will have three years of call protection, with the first-call price equal to par plus 75% of the coupon.

The company is a subsidiary of First Quality Enterprises, Inc., a Great Neck, N.Y.-based maker of personal-care products and industrial products.

The issuer plans to use the new-deal proceeds to repay revolving loans outstanding under the company’s senior secured credit facilities, to pay related transaction fees and expenses and for general corporate purposes.

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