Published on 12/9/2003 in the Prospect News High Yield Daily.
New Issue: Equinox Holdings prices upsized $160 million six-year notes to yield 9%
By Paul A. Harris
St. Louis, Dec. 9 - Equinox Holdings, Inc. priced an upsized issue of $160 million of senior notes due Dec. 15, 2009 (B3/B-) at par, Tuesday, to yield 9%, according to a syndicate source.
The deal was increased from a planned size of $150 million. Price talk was 9%-9¼%.
Merrill Lynch & Co. and UBS Investment Bank were joint bookrunners on the Rule 144A deal. Wachovia Securities was co-manager.
Proceeds will be used to repay debt and for general corporate purposes The issuer is an exercise and fitness company headquartered in New York City.
Issuer: | Equinox Holdings, Inc.
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Amount: | $160 million (increased from $150 million)
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Maturity: | Dec. 15, 2009
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Security description: | Senior notes
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Bookrunners: | Merrill Lynch & Co., UBS Investment Bank
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Co-manager: | 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: | 534 basis points
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Call features: | Callable after Dec. 15, 2006 at 104.50, 102.25, par on Dec. 15, 2008 and thereafter
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Equity clawback: | Until Dec. 15, 2006 for 35% at 109.0
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Settlement date: | Dec. 16
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Ratings: | Moody's: B3
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| Standard & Poor's: B-
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Price talk: | 9%-9¼%
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