By Paul A. Harris
Portland, Ore., Aug. 10 – P&L Development, LLC and PLD Finance Corp. priced a $50 million add-on to their 7¾% senior secured notes due Nov. 15, 2025 (B3/B-/B) at 103.5 to yield 6.785% in a Tuesday drive-by, according to market sources.
The issue price came at the rich end of price talk.
BofA Securities Inc. was the bookrunner.
The Westbury, N.Y.-based supplier of over-the-counter drugs plans to use the proceeds to repay approximately $40 million under its ABL facility and for general corporate purposes.
| Issuers: | P&L Development, LLC and PLD Finance Corp.
|
| Amount: | $50 million
|
| Maturity: | Nov. 15, 2025
|
| Security description: | Add-on to 7¾% senior secured notes due Nov. 15, 2025
|
| Bookrunner: | BofA Securities Inc.
|
| Coupon: | 7¾%
|
| Price: | 103.5
|
| Yield to maturity: | 6.785%
|
| Spread: | 610 bps
|
| First call: | Nov. 15, 2022 at 103.625
|
| Trade date: | Aug. 10
|
| Settlement date: | Aug. 13
|
| Ratings: | Moody's: B3
|
| S&P: B-
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| Fitch: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 103 to 103.5
|
| Marketing: | Drive-by
|
| Original issue: | $415 million priced in October 2020
|
| Fungibility: | Add-on notes will immediately become fungible with original notes
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