Published on 1/18/2011 in the Prospect News High Yield Daily.
New Issue: Empire Today prices upsized $150 million 11 3/8% six-year notes to yield 11 5/8%
By Paul A. Harris
St. Louis, Jan. 18 - Empire Today, LLC and Empire Today Finance Corp. priced an upsized $150 million issue of six-year senior secured notes (expected ratings B3/B/) at 98.941 to yield 11 5/8% on Tuesday, according to an informed source.
The yield printed at the tight end of the 11¾% area price talk.
Jefferies & Co. ran the books for the quick-to-market deal, which was upsized from $140 million.
The Northlake, Ill.-based flooring company will use the proceeds to repay existing debt.
Issuers: | Empire Today, LLC and Empire Today Finance Corp.
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Face amount: | $150 million, increased from $140 million
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Proceeds: | $148.4 million (approximate)
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Maturity: | Feb. 1, 2017
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Securities: | Senior secured notes
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Bookrunner: | Jefferies & Co.
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Coupon: | 11 3/8%
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Price: | 98.941
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Yield: | 11 5/8%
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Call features: | Make-whole call at Treasuries plus 50 bps until Feb. 1, 2014, then callable at 105.688, 102.844 par on and after Feb. 1, 2016
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Equity clawback: | 35% at 111.375 until Feb. 1, 2014
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Change-of-control put: | 101%
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Expected ratings: | Moody's: B3
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| Standard & Poor's: B
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Pricing date: | Jan. 18
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 11¾% area
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Marketing: | Quick to market
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