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Waterworks talks upsized $500 million eight-year notes at 6¼%-6½%
By Paul A. Harris
Portland, Ore., July 19 – Plumb Buyer, LLC, which does business as HD Supply Waterworks, upsized its offering of eight-year senior notes (Caa1/B-) to $500 million from $475 million and talked the notes to yield 6¼% to 6½%, according to a bond investor.
Official talk comes notably tight to early guidance of 6¾% to 7%, market sources say, adding that the deal is said to be significantly oversubscribed.
Books close at 3 p.m. ET on Wednesday, and the deal is set to price thereafter.
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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