By Paul A. Harris
Portland, Ore., Feb. 3 – GDP Companies Inc. (formerly known as Nexeo Plastics Holdings, Inc.) priced an upsized $85 million add-on to its 10 1/8% senior secured notes due April 1, 2026 (B3/B-) at 109, resulting in a 7.95% yield to maturity, according to an informed source.
The deal, done as a Wednesday drive-by, was upsized from $75 million.
The issue price came at the rich end of the 108 to 109 price talk.
Goldman Sachs & Co. LLC was the bookrunner.
The Woodlands, Tex.-based plastics manufacturer plans to use the proceeds plus cash on hand to finance its acquisition of Distrupol Ltd.
| Issuer: | GPD Companies Inc. (formerly known as Nexeo Plastics Holdings, Inc.)
|
| Amount: | $85 million, increased from $75 million
|
| Maturity: | April 1, 2026
|
| Security description: | Add-on to 10 1/8% senior secured notes due April 1, 2026
|
| Bookrunner: | Goldman Sachs & Co. LLC
|
| Coupon: | 10 1/8%
|
| Price: | 109
|
| Yield to maturity: | 7.95%
|
| Spread: | 745 bps
|
| First call: | April 1, 2022 at 105.063
|
| Trade date: | Feb. 3
|
| Settlement date: | Feb. 18
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 108 to 109
|
| Marketing: | Drive-by
|
| Original issue: | $410 million priced in March 2019
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