By Paul A. Harris
Portland, Ore., Oct. 11 - syncreon Global priced a $225 million issue of eight-year senior notes (Caa1/CCC+) at par to yield 8 5/8% on Friday, according to market source.
The yield printed at the tight end of yield talk set in the 8¾% area.
Goldman Sachs & Co., Morgan Stanley & Co. LLC and UBS Investment Bank were the joint bookrunners.
Proceeds will be used to help fund Centerbridge Partners LP's acquisition of a 40% minority stake in the company, as well as to refinance debt and to put cash on the balance sheet.
The issuer is an Auburn Hills, Mich.-based provider of customized supply chain services.
| Issuer: | syncreon Global BV
|
| Amount: | $225 million
|
| Maturity: | Nov. 1, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | Goldman Sachs & Co., Morgan Stanley & Co. LLC, UBS Investment Bank
|
| Coupon: | 8 5/8%
|
| Price: | Par
|
| Yield: | 8 5/8%
|
| Spread: | 628 bps
|
| First call: | Make-whole at Treasuries plus 50 bps for the first three years, then callable at 106.469
|
| Trade date: | Oct. 11
|
| Settlement date: | Oct. 28
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8¾% area
|
| Marketing: | Roadshow
|
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