By Paul A. Harris
Portland, Ore., Jan. 19 – Park River Holdings Inc. priced an upsized $400 million issue of eight-year senior notes (Caa1/CCC+/CCC+) at par to yield 5 5/8% on Tuesday, according to market sources.
The issue size increased from $345 million.
The yield printed 12.5 basis points tighter than the 5¾% to 6% yield talk.
Deutsche Bank Securities Inc. was the lead left bookrunner.
Proceeds will be used to fund Clearlake Capital Partners' acquisition and merger of PrimeSource & Dimora.
Park River is a Cincinnati-based real estate and homebuilding company.
| Issuer: | Park River Holdings Inc.
|
| Amount: | $400 million, increased from $345 million
|
| Tenor: | Eight years
|
| Securities: | Senior notes
|
| Lead: | Deutsche Bank Securities Inc.
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Call protection: | Three years
|
| Trade date: | Jan. 19
|
| Ratings: | Moody's: Caa1
|
| S&P: CCC+
|
| Fitch: CCC+
|
| Price talk: | 5¾% to 6%
|
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