Published on 6/18/2003 in the Prospect News High Yield Daily.
New Issue: Le-Nature's sells $150 million 10-year notes at par to yield 9%
By Paul A. Harris
St. Louis, June 18 - Le-Nature's, Inc. sold $150 million of senior subordinated notes due June 15, 2013 (B3/B-) at par Wednesday to yield 9%, according to an informed source.
Price talk was 9% area.
Wachovia Securities, Inc. was the bookrunner.
The Latrobe, Pa. bottled water and natural beverage manufacturer will use proceeds to repay bank debt and for general corporate purposes.
Issuer: | Le-Nature's, Inc.
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Amount: | $150 million
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Maturity: | June 15, 2013
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Security description: | Senior subordinated notes
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Bookrunner: | Wachovia Securities
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Coupon: | 9%
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Price: | Par
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Yield: | 9%
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Spread: | 566 basis points
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Call features: | Callable on June 15, 2008 at 104.5, then at 103, 101.5, declining to par on June 15, 2011 and thereafter
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Equity clawback: | Until June 15, 2006 for 35% at 109
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Settlement date: | June 23, 2003
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Ratings: | Moody's: B3
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| Standard & Poor's: B-
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Rule 144A Cusip: | 521295AB1
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Price talk: | 9% area
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