New Issue: Emerald Expo prices $200 million eight-year notes at par to yield 9%

By Paul A. Harris

Portland, Ore., June 12 - Emerald Expositions Holdings priced a $200 million issue of eight-year senior notes (Caa2/B-/) at par to yield 9% on Wednesday, according to a market source.

The yield printed 25 basis points beyond the wide end of the 8½% to 8¾% yield talk.

Goldman Sachs & Co., BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, RBC Capital Markets and UBS Investment Bank were the joint bookrunners.

Proceeds will be used to help fund the acquisition of Nielsen Expositions by Onex Corp. from Nielsen Holdings NV.

The issuer is a San Juan Capistrano, Calif.-based operator of large, business-to-business tradeshows, formerly known as Nielsen Business Media Holding Co.

Issuer:	Emerald Expositions Holdings (Emerald Expo)
Amount:	$200 million
Maturity:	June 15, 2021
Securities:	Senior notes
Bookrunners:	Goldman Sachs & Co., BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, UBS Investment Bank
Coupon:	9%
Price:	Par
Yield:	9%
Spread:	719 bps
First call:	Make-whole call at Treasuries plus 50 bps until June 15, 2016, then callable at 104.5
Equity clawback:	40% at 109 until June 15, 2016
Trade date:	June 12
Settlement date:	June 17
Ratings:	Moody's: Caa2
	Standard & Poor's: B-
Distribution:	Rule 144A for life
Price talk:	8½% to 8¾%
Marketing:	Roadshow

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