By Paul A. Harris
Portland, Ore., Oct. 27 – Advanced Disposal Services Inc. priced a $425 million issue of eight-year senior notes (Caa1/B-) at par to yield 5 5/8% on Thursday, according to a market source.
The yield printed at the tight end of the 5 5/8% to 5 7/8% yield talk, sources said. Early guidance was in the low 6% area.
The deal was well oversubscribed, an investor said.
Deutsche Bank Securities Inc. was the left bookrunner for the Rule 144A and Regulation S offering. Barclays, Credit Suisse Securities (USA) LLC, Macquarie Capital and UBS Investment Bank were the joint bookrunners.
The Ponte Vedra, Fla.-based provider of non-hazardous solid waste services plans to use the proceeds, together with borrowings under its new credit facilities, to pay off its existing credit agreement, to finance a tender offer for its senior notes due 2020 and for general corporate purposes
| Issuer: | Advanced Disposal Services Inc.
|
| Amount: | $425 million
|
| Maturity: | Nov. 15, 2024
|
| Securities: | Senior notes
|
| Left bookrunner: | Deutsche Bank Securities Inc.
|
| Joint bookrunners: | Barclays, Credit Suisse Securities (USA) LLC, Macquarie Capital, UBS Investment Bank
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| First call: | Nov. 15, 2019 at 104.22
|
| Trade date: | Oct. 27
|
| Settlement date: | Nov. 10
|
| Ratings: | Moody's: Caa1
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5 5/8% to 5 7/8%
|
| Marketing: | Roadshow
|
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