By Paul A. Harris
Portland, Ore., Sept. 28 – AmeriTex Pipe & Products priced a $530 million issue of AmeriTex Holdco Intermediate LLC 10¼% five-year senior secured notes (B2/B) at 99.035 to yield 10½% on Thursday, according to market sources.
The yield printed at the wide end of yield talk in the 10 3/8% area. The issue price came in line with discount talk of approximately 1 point. Initial guidance was in the high-9% to 10% area.
BofA Securities Inc. was the left bookrunner. U.S. Bancorp Investments Inc. was a joint bookrunner.
The Conroe, Tex.-based reinforced concrete pipe manufacturer plans to use the proceeds to repay amounts outstanding under its revolver and term loan A, as well as its senior subordinated notes, and to make a distribution to the company for distribution to its members, and for general corporate purposes.
| Issuer: | AmeriTex HoldCo Intermediate LLC
|
| Amount: | $530 million
|
| Issue: | Senior secured notes
|
| Maturity: | Oct. 15, 2028
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| Left bookrunner: | BofA Securities Inc.
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| Joint bookrunner: | U.S. Bancorp Investments Inc.
|
| Coupon: | 10¼%
|
| Price: | 99.035
|
| Yield: | 10½%
|
| Spread: | 575 bps
|
| First call: | Oct. 15, 2025 at 105.125
|
| Trade date: | Sept. 28
|
| Settlement date: | Oct. 5
|
| Ratings: | Moody’s: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 10 3/8% area, including approximately 1 point OID
|
| Marketing: | Roadshow
|
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