Core & Main talks $400 million offering of PIK toggle notes due 2024 to price at 98.50

By Cristal Cody

Tupelo, Miss., Sept. 12 – Core & Main Holdings LP is marketing $400 million of PIK toggle notes due 2024 (B-) to price on Thursday, according to an informed source.

Initial price talk was at 98.50 and a coupon of 8 3/8%.

J.P. Morgan Securities LLC is the bookrunner.

Proceeds will be used to fund a distribution of about $395 million to the company’s financial sponsor owners.

Core & Main Holdings is the parent company of Core & Main LP, a St. Louis-based distributor of water, sewer and fire protection products.

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