By Paul A. Harris
Portland, Ore., March 11 - Sterigenics International, Inc. priced a $475 million issue of seven-year senior secured second-lien notes (B2/B/) at par to yield 8% on Friday, according to market sources.
The yield printed on top of the price talk.
J.P. Morgan Securities LLC, Bank of America Merrill Lynch, UBS Investment Bank and Morgan Stanley & Co. Inc. were the joint bookrunners.
Proceeds will be used to fund the purchase of Sterigenics by GTCR LLC from Silverfleet Capital and PPM America Capital Partners.
Sterigenics is an Oak Brook, Ill.-based contract sterilization and ionization services provider.
| Issuer: | STHI Holding Corp. (Sterigenics International, Inc.)
|
| Amount: | $475 million
|
| Maturity: | March 15, 2018
|
| Securities: | Senior secured second-lien notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Bank of America Merrill Lynch, UBS Investment Bank, Morgan Stanley & Co. Inc.
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Spread: | 527 bps
|
| First call: | March 15, 2014 at 106
|
| Trade date: | March 11
|
| Settlement date: | March 25
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8% area
|
| Marketing: | Roadshow
|
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