Phinia starts roadshow for $425 million five-year secured notes; early guidance low 7% area

By Abigail W. Adams

Portland, Me., March 25 – Phinia Inc. started a roadshow on Monday for a $425 million offering of five-year senior secured notes, according to a market source.

The notes are non-callable for two years.

BofA Securities Inc. is lead left bookrunner for the Rule 144A and Regulation S offering.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC, PNC Capital Markets LLC and U.S. Bancorp Investments Inc. are also bookrunners.

The roadshow will run through Wednesday with pricing expected thereafter.

Proceeds, together with cash on hand, will be used to repay the outstanding borrowings under the term loan B facility.

Phinia is an Auburn Hills, Mich.-based fuel systems and hydrogen technology solutions company.

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