By Paul A. Harris
Portland, Ore., May 18 – Atkore Inc. priced a $400 million issue of 10-year senior notes (Ba3/BB-) at par to yield 4¼% on Tuesday, according to market sources.
The yield printed at the tight end of yield talk in the 4 3/8% area. Initial guidance was in the high 4% area.
The bonds traded to par ¼ bid, par ¾ offered, a bond trader said.
J.P. Morgan Securities LLC was the lead.
The Harvey, Ill.-based company plans to use the proceeds to repay bank debt.
Atkore manufactures electrical and mechanical products for raceways and other applications.
| Issuer: | Atkore Inc.
|
| Amount: | $400 million
|
| Tenor: | 10 years
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 4¼%
|
| Price: | Par
|
| Yield: | 4¼%
|
| Call protection: | Five years
|
| Trade date: | May 18
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4 3/8% area
|
| Marketing: | Roadshow
|
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