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Waterworks whispering $475 million eight-year notes at 6¾%-7%; pricing expected Thursday
By Paul A. Harris
Portland, Ore., July 17 – Plumb Buyer, LLC, which does business as HD Supply Waterworks, is out with early guidance on its $475 million offering of eight-year senior notes (Caa1/B-) of 6¾% to 7%, according to a market source.
The deal is expected to price on Thursday.
BofA Merrill Lynch is leading the offering.
The notes come with three years of call protection.
Proceeds will be used to fund the acquisition of Waterworks, which Clayton, Dubilier & Rice is buying for $2.5 billion from HD Supply.
Waterworks is a St. Louis-based distributor of water, sewer, storm and fire protection products.
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