By Paul A. Harris
Portland, Ore., Sept. 7 – Louisiana-Pacific Corp. priced a $350 million issue of eight-year senior notes (Ba3/BB) at par to yield 4 7/8% on Wednesday, according to a syndicate source.
The yield printed at the tight end of yield talk in the 5% area.
BofA Merrill Lynch was the left bookrunner for the drive-by deal. RBC Capital Markets and Goldman Sachs & Co. were the joint bookrunners.
The Nashville, Tenn.-based building materials company plans to use the proceeds, together with cash on hand, to fund the tender for its 7½% senior notes due 2020.
| Issuer: | Louisiana-Pacific Corp.
|
| Amount: | $350 million
|
| Maturity: | Sept. 15, 2024
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunners: | RBC Capital Markets, Goldman Sachs & Co.
|
| Coupon: | 4 7/8%
|
| Price: | Par
|
| Yield: | 4 7/8%
|
| Spread: | 342 bps
|
| Call protection: | Three years
|
| Trade date: | Sept. 7
|
| Settlement date: | Sept. 14
|
| Ratings: | Moody's: Ba3
|
| S&P: BB
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 5% area
|
| Marketing: | Quick to market
|
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