GMS’s $350 Million Senior Notes Offering

Davis Polk advised the initial purchasers in the offering.

GYP Holdings III Corp., a subsidiary of GMS, Inc., executed its offering of $350 million aggregate principal amount of its 4.625% senior notes due 2029. The proceeds of the senior notes will be used to prepay a portion of the term loans outstanding under the issuer’s existing senior credit facility and to pay fees and expenses incurred in connection with the senior notes.  

Barclays Capital Inc., Citizens Capital Markets, Inc., BofA Securities, Inc., CIBC Capital Markets Corp., PNC Capital Markets LLC, RBC Capital Markets, Truist Securities, and US Bancorp Investments Inc acted as initial purchasers for the offering.

GMS is a leading North American distributor of wallboard, suspended ceilings systems, ceilings, steel framing and other complementary building products for commercial and residential buildings. Since GMS’s founding in 1971, GMS has 268 branches across 44 U.S. states and five Canadian provinces.

The Davis Polk capital markets team advising the initial purchasers included partner Shane Tintle (Picture) and associates Thomas S. Green and Alexander K.B. Shimamura. The tax team included counsel Kiara L. Rankin and associate Bree Gong.

Involved fees earner: Bree Gong – Davis Polk & Wardwell; Thomas Green – Davis Polk & Wardwell; Kiara Rankin – Davis Polk & Wardwell; Alexander Shimamura – Davis Polk & Wardwell; Shane Tintle – Davis Polk & Wardwell;

Law Firms: Davis Polk & Wardwell;

Clients: Bank of America Securities; Barclays Capital ; CIBC Capital Markets; Citizens Capital Markets; PNC Capital Markets LLC; RBC Capital Markets; Truist Securities Inc. ; US Bancorp Investments Inc.;

Author: Martina Bellini