road-king-prices-highyield-bond-in-line-with-guidance

Road King prices high-yield bond in line with guidance

The company's forthcoming IPO plays a key role in the pricing of the $350 million deal.
Road King priced a dual-tranche senior Reg-S bond on Friday, closing at 225bp over three-month Libor for the $100 million upsized to $150 million five-year non-call-one FRN, and at par with a yield of 7.625% for the $200 million seven-year non-call-four fixed-rate note. Agencies rated both transactions BBBa2.

The deal was managed by JPMorgan and DBS.

Demand reached $546 million on the FRN, equivalent to an oversubscription of 3.6 times. 88% of the bonds sold to Asia, 7% to Europe, and 5% to the US. In terms of investor type, 41% went to asset managers, 28% to banks, 18% to funds, 1% to insurance and pension funds, 7% to...
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