By Paul A. Harris
Portland, Ore., Jan. 28 – White Cap Supply Holdings, LLC talked a $300 million issue of White Cap Parent, LLC (White Cap HoldCo) five-year senior PIK toggle notes (Caa1/CCC+) at 99.463 to yield 8 3/8% on Thursday, according to market sources.
The notes pay an 8¼% cash coupon, which steps up to 9% for in-kind coupon payments.
The yield printed at the tight end of yield talk in the 8½% area.
Deutsche Bank Securities Inc. was the lead.
The Atlanta-based provider of construction supplies plans to use the proceeds to fund a dividend to owners Clayton Dubilier & Rice and the Sterling Group.
| Issuer: | White Cap Parent LLC (White Cap Holdco)
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| Amount: | $300 million
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| Maturity: | March 15, 2026
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| Securities: | Senior PIK toggle notes
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| Lead: | Deutsche Bank Securities Inc.
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| Cash coupon: | 8¼%
|
| PIK coupon: | 9%
|
| Price: | 99.463
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| Yield: | 8 3/8%
|
| Call protection: | One year
|
| Trade date: | Jan. 28
|
| Settlement date: | Feb. 1
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| Ratings: | Moody's: Caa1
|
| S&P: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8½% area
|
| Marketing: | Roadshow
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