Published on 4/23/2021 in the Prospect News High Yield Daily.
New Issue: Ahead DB prices $400 million seven-year notes at par to yield 6 5/8%
By Paul A. Harris
Portland, Ore., April 23 – Ahead DB Holdings priced a $400 million issue of seven-year senior notes (Caa1/CCC+) at par to yield 6 5/8% on Friday, according to market sources.
The yield printed at the tight end of yield talk in the 6¾% area. Initial guidance was in the high-6% to 7% area.
The deal was heard to be playing to $1.5 billion of orders ahead of the close of books, early Friday afternoon, a trader said.
Barclays was the lead bookrunner.
The Chicago-based IT solutions provider plans to use the proceeds to refinance its second-lien term loan and a portion of its first-lien term loan.
| Issuer: | Ahead DB Holdings
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| Amount: | $400 million
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| Maturity: | May 1, 2028
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| Securities: | Senior notes
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| Left books: | Barclays
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| Joint books: | Deutsche Bank Securities Inc., RBC Capital Markets LLC, KKR Capital Markets LLC, Macquarie Capital (USA) Inc., Truist Securities Inc., Regions Securities LLC, Credit Suisse Securities (USA) LLC, TD Securities (USA) LLC, PNC Capital Markets LLC
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| Coupon: | 6 5/8%
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| Price: | Par
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| Yield: | 6 5/8%
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| Spread: | 539 bps
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| Call protection: | Three years
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| Trade date: | April 23
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| Settlement date: | April 30
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| Ratings: | Moody's: Caa1
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| S&P: CCC+
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 6¾% area
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| Marketing: | Roadshow
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