By Paul A. Harris
Portland, Ore., July 20 – POWDR Corp. priced a $300 million issue of five-year senior secured notes (B1/B) at par to yield 6% in a Monday drive-by, according to market sources.
The yield printed on top of yield talk. Early guidance was in the 6¼% to 6½% area.
Jefferies LLC was the bookrunner.
The Park City, Utah-based independent lifestyle company, which operates a portfolio of mountain ski resorts, plans to use the proceeds to refinance debt and for general corporate purposes.
| Issuer: | POWDR Corp.
|
| Amount: | $300 million
|
| Maturity: | Aug. 1, 2025
|
| Securities: | Senior secured notes
|
| Bookrunner: | Jefferies LLC
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| First call: | Aug. 1, 2022 at 103
|
| Equity clawback: | 40% at 106 until Aug. 1, 2022
|
| Trade date: | July 20
|
| Settlement date: | July 24
|
| Ratings: | Moody's: B1
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6%
|
| Marketing: | Drive-by
|
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