By Paul A. Harris
Portland, Ore., May 26 – Park River Holdings Inc. priced a $340 million issue of eight-year senior notes (Caa1/CCC/CCC+) at par to yield 6¾% on Wednesday, according to market sources.
The yield printed in the middle of yield talk in the 6¾% area. Initial guidance was in the high 6% area.
Deutsche Bank Securities Inc. ran the books.
The Rule 144A and Regulation S notes come with three years of call protection.
Proceeds will be used to fund an acquisition.
Irving, Tex.-based Park River Holdings was created in December 2020 when PrimeSource Building Products, Inc. was acquired by Clearlake Capital Partners, LP and merged with TKE Holdings, Inc. (Dimora Brands).
| Issuer: | Park River Holdings Inc.
|
| Amount: | $340 million
|
| Maturity: | Aug. 1, 2029
|
| Securities: | Senior notes
|
| Bookrunner: | Deutsche Bank Securities Inc.
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 539 bps
|
| Call protection: | Three years
|
| Trade date: | May 26
|
| Settlement date: | June 9
|
| Ratings: | Moody's: Caa1
|
| S&P: CCC
|
| Fitch: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¾% area
|
| Marketing: | Roadshow
|
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