By Paul A. Harris
Portland, Ore., July 15 – Los Angeles-based technology company Centerfield priced a $785 million issue of five-year senior secured notes (B2/B) at par to yield 6 5/8% on Thursday, according to market sources.
The yield printed 12.5 basis points inside of the 6¾% to 7% yield talk. Initial guidance was in the high 6% to 7% area.
BofA Securities Inc. was the left bookrunner.
The issuing entity, Millennium Escrow Corp., will be merged with and into Centerfield Media Parent, Inc.
Proceeds, plus cash on hand and a draw on the revolver, will be used to fund the acquisition of Datalot and to refinance debt.
| Issuer: | Millennium Escrow Corp.
|
| Amount: | $785 million
|
| Maturity: | Aug. 1, 2026
|
| Securities: | Senior secured notes
|
| Left books: | BofA Securities Inc.
|
| Joint books: | Goldman Sachs & Co. LLC, Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., PNC Capital Markets LLC, Stifel Nicolaus & Co. Inc.
|
| Coupon: | 6 5/8%
|
| Price: | Par
|
| Yield: | 6 5/8%
|
| Spread: | 582 basis points
|
| First call: | Aug. 1, 2023 at 103.313
|
| Trade date: | July 15
|
| Settlement date: | July 30
|
| Rating: | Moody's: B2
|
| S&P: B
|
| Distribution: | Rule 144A for life
|
| Price talk: | 6¾% to 7%
|
| Marketing: | Roadshow
|
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