Arcosa driving by with $400 million offering of eight-year notes; initial talk 4½%-4¾%

By Paul A. Harris

Portland, Ore., March 29 – Arcosa, Inc. plans to price a $400 million offering of eight-year senior notes (BB) in a Monday drive-by, according to market sources.

Initial guidance is 4½% to 4¾%, a trader said.

J.P. Morgan Securities LLC is the lead.

The notes come with three years of call protection.

Proceeds will be used to fund the acquisition of StonePoint Ultimate Holding, LLC and affiliated entities, expected to close in April 2021, as well as to repay any balance on a new $150 million 364-day credit facility, with any remaining proceeds to be used for general corporate purposes, which may include repayment of debt under the revolver and other potential strategic investments.

Dallas-based Arcosa provides infrastructure-related products and solutions with leading positions in construction, engineered structures, and transportation markets.

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