Interior Logic talks $300 million eight-year notes to yield 6%-6¼%; pricing Thursday

By Paul A. Harris

Portland, Ore., March 24 – Interior Logic Group talked its $300 million offering of eight-year senior notes (Caa1/CCC+) to yield 6% to 6¼%, according to market sources.

Official talk comes tighter than early guidance in the mid-6% area, a trader said.

Books close at 10 a.m. ET on Thursday, and the Rule 144A and Regulation S for life deal is set to price thereafter.

Goldman Sachs & Co. LLC is the left bookrunner. Citigroup Global Markets Inc., BofA Securities Inc. and RBC Capital Markets LLC are the joint bookrunners. Blackstone is the co-manager.

The notes become callable after three years at par plus 50% of the coupon.

Proceeds plus an equity contribution and new credit facilities will be used to finance Blackstone's acquisition of Interior Logic Group Holdings, LLC from Littlejohn & Co. LLC, Platinum Equity and other equity holders, as well as to fund related transactions, pay off existing credit facilities and provide cash on hand.

Interior Logic Group is a New York-based provider of interior design, supply chain and installation management solutions.

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