By Paul A. Harris
Portland, Ore., Oct. 24 - Exopack Holding Corp. priced a $325 million issue of six-year senior notes (Caa2/B-/) at par to yield 7 7/8% on Thursday, according to a market source.
The yield printed at the tight end of yield talk set in the 8% area.
Goldman Sachs & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Investec and Morgan Stanley & Co. LLC were the joint bookrunners.
Proceeds will be used to refinance debt and to put cash on the balance sheet.
Exopack is a Chicago-based manufacturer of plastic packaging products.
Issuer: | Exopack Holding Corp.
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Amount: | $325 million
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Maturity: | Nov. 1, 2019
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Securities: | Senior notes
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Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays, Investec, Morgan Stanley & Co. LLC
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Coupon: | 7 7/8%
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Price: | Par
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Yield: | 7 7/8%
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Spread: | 658 bps
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Call protection: | Three years
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Trade date: | Oct. 24
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Settlement date: | Nov. 8
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Ratings: | Moody's: Caa2
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| Standard & Poor's: B-
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Distribution: | Rule 144A and Regulation S
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Price talk: | 8% area
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Marketing: | Roadshow
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