By Paul A. Harris
Portland, Ore., March 24 – Alta Equipment Group Inc. priced an upsized $315 million issue of five-year senior secured second-lien notes at par to yield 5 5/8% on Wednesday, according to market sources.
The issue size increased from $300 million.
The yield printed 12.5 basis points inside of the 5¾% to 6% yield talk. Initial talk was 6% to 6¼%.
The deal was heard to be playing to $1.7 billion of demand, a trader said.
J.P. Morgan Securities LLC was the lead.
The Livonia, Mich.-based provider of industrial forklifts, heavy construction equipment and warehouse solutions plans to use the proceeds plus $390 million of first-lien facilities to repay debt, with any remaining proceeds for general corporate purposes.
| Issuer: | Alta Equipment Group Inc.
|
| Amount: | $315 million, increased from $300 million
|
| Tenor: | Five years
|
| Securities: | Senior secured second-lien notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Call protection: | Two years
|
| Trade date: | March 24
|
| Settlement date: | April 1
|
| Ratings: | Moody's: B2
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5¾% to 6%
|
| Marketing: | Roadshow
|
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