We advised the initial purchasers on the high-yield notes offering

Davis Polk advised the initial purchasers, in connection with a Rule 144A / Regulation S offering by GYP Holdings III Corp., a subsidiary of GMS, Inc., 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.  

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 included partner Shane Tintle and associates Thomas S. Green and Alexander K.B. Shimamura. The tax team included counsel Kiara L. Rankin and associate Bree Gong. All members of the Davis Polk team are based in the New York office.

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