Phinia talks upsized $525 million five-year secured notes at 7% area; pricing Tuesday

By Abigail W. Adams

Portland, Me., March 26 – Phinia Inc. upsized its offering of five-year senior secured notes to $525 million and accelerated timing with the notes now expected to price on Tuesday, according to a market source.

Price talk is for a yield in the 7% area. Early guidance was in the low 7% area.

The initial size of the offering was $425 million.

Books close at 2:30 p.m. ET on Tuesday with pricing thereafter.

The notes are non-callable for two years.

BofA Securities Inc. is lead left bookrunner for the Rule 144A and Regulation S offering.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC, PNC Capital Markets LLC and U.S. Bancorp Investments Inc. are also bookrunners.

The roadshow will run through Wednesday with pricing expected thereafter.

Proceeds, together with cash on hand, will be used to repay the outstanding borrowings under the term loan B facility.

Phinia is an Auburn Hills, Mich.-based fuel systems and hydrogen technology solutions company.

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