Published on 4/18/2017 in the Prospect News High Yield Daily.
New Issue: Cumberland Farms prices $300 million 6¾% eight-year notes at par
By Paul A. Harris
Portland, Ore., April 18 – Cumberland Farms, Inc. priced a $300 million issue of eight-year senior notes (B3/B) at par to yield 6¾% on Tuesday, according to a market source.
BofA Merrill Lynch, Wells Fargo Securities LLC, BMO Securities, SunTrust Robinson Humphrey Inc., Citizens and Huntington were the joint bookrunners.
The Westborough, Mass.-based regional chain of convenience stores plans to use the proceeds to repay $191 million of existing debt and to put cash on the company’s balance sheet.
| Issuer: | Cumberland Farms, Inc.
|
| Amount: | $300 million
|
| Maturity: | May 1, 2025
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, Wells Fargo Securities LLC, BMO Securities, SunTrust Robinson Humphrey Inc., Citizens, Huntington
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 466 bps
|
| Call protection: | Three years
|
| Trade date: | April 18
|
| Settlement date: | April 21
|
| Ratings: | Moody's: B3
|
| S&P: B
|
| Distribution: | Rule 144A for life
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
