Published on 2/10/2006 in the Prospect News High Yield Daily.
New Issue: Equinox prices $290 million six-year notes at par to yield 9¼%
By Paul A. Harris
St. Louis, Feb. 10 - Equinox Holdings Inc. priced $290 million issue of six-year senior unsecured notes (B-) at par to yield 9¼%, according to an informed source.
Merrill Lynch & Co. had the books for the notes, which were issued via Rule 144A and Regulation S in a quick-to-market Thursday night transaction.
Proceeds will be used to fund the leveraged buyout of the company.
The New York City-based issuer operates upscale, full-service fitness clubs.
Issuer: | Equinox Holdings Inc.
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Amount: | $290 million
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Maturity: | Feb. 15, 2012
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Security description: | Senior unsecured notes
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Bookrunner: | Merrill Lynch & Co.
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Coupon: | 9¼%
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Price: | Par
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Yield: | 9¼%
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Spread: | 466 basis points
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Call features: | Make-whole call at Treasuries plus 50 basis points until Feb. 15, 2009, then callable at 103, 102, 101, par on and after Feb. 15, 2012
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Equity clawback: | Until Feb. 15, 2009 for 35% at 109.25
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Trade date: | Feb. 9
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Settlement date: | Feb. 10
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Rating: | Standard & Poor's: B-
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Distribution: | Rule 144A/Regulation S
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