By Paul A. Harris
Portland, Ore., June 23 – Werner Co. priced a $265 million issue of eight-year senior notes (Caa2/CCC+) at par to yield 8¾% on Friday, according to a market source.
The yield printed in the middle of the 8 5/8% to 8 7/8% yield talk.
JP Morgan Securities LLC ran the books.
Proceeds will be used to help fund the buyout of Greenville, Pa.-based Werner Co. by funds affiliated with Triton Partners.
The issuer manufactures ladders and other climbing equipment, fall protection and access-related products such as scaffolding, as well as jobsite, truck and van storage equipment.
| Issuer: | Werner Co.
|
| Amount: | $265 million
|
| Maturity: | July 15, 2025
|
| Securities: | Senior notes
|
| Bookrunner: | JP Morgan
|
| Coupon: | 8¾%
|
| Price: | Par
|
| Yield: | 8¾%
|
| Call protection: | Three years
|
| Trade date: | June 23
|
| Settlement date: | July 10
|
| Ratings: | Moody’s: Caa2
|
| S&P: CCC+
|
| Price talk: | 8 5/8% to 8 7/8%
|
| Marketing: | Roadshow
|
|
|
|
|
© 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.
