New Issue: Boise Cascade prices $50 million tap of 6 3/8% notes at 103.5 to yield 5.589%

By Paul A. Harris

Portland, Ore., Aug. 12 - Boise Cascade Co. priced a $50 million add-on to its 6 3/8% senior notes due Nov. 1, 2020 (B2/B+/) at 103.5 to yield 5.589% on Monday, according to a syndicate source.

The reoffer price came on top of price talk.

Wells Fargo Securities LLC was the left bookrunner. BofA Merrill Lynch, J.P. Morgan Securities LLC and U.S. Bancorp Investments, Inc. were the joint bookrunners.

The Boise, Idaho-based vertically integrated wood products manufacturer and building supplies company plans to use the proceeds for working capital and general corporate purposes.

Issuer:	Boise Cascade Co.
Face amount:	$50 million
Proceeds:	$52 million
Maturity:	Nov. 1, 2020
Security description:	Add-on to 6 3/8% senior notes due Nov. 1, 2020
Left bookrunner:	Wells Fargo Securities LLC
Joint bookrunners:	BofA Merrill Lynch, J.P. Morgan Securities LLC, U.S. Bancorp Investments, Inc.
Coupon:	6 3/8%
Price:	103.5
Yield to worst:	5.589%
Spread:	416 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Nov. 1, 2015, then callable at 104.781, 103.188, 101.594, par on and after Nov. 1, 2018
Equity clawback:	35% at 106.375 until Nov. 1, 2015
Trade date:	Aug. 12
Settlement date:	Aug. 15
Ratings:	Moody's: B2
	Standard & Poor's: B+
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	103.5
Marketing:	Quick to market
Original issue:	$250 million issue priced at par on Oct. 17, 2012
Fungibility:	Upon registration the add-on notes will be fungible with the original notes
Total issue size:	$300 million

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.