Express talks $200 million offering of eight-year notes at 9% area

By Paul A. Harris

St. Louis, March 1 - Express, LLC and Express Finance Corp. set price talk for their $200 million offering of senior notes due March 1, 2018 at the 9% area on Monday, according to an informed source.

The order books close at noon ET on Tuesday for accounts seeing the deal through Monday and at 3:30 p.m. ET for others. Pricing is set for Tuesday afternoon.

Bank of America Merrill Lynch, Goldman Sachs & Co. and Morgan Stanley & Co. Inc. are joint bookrunners for the Rule 144A with registration rights offering.

The notes come with four years of call protection and a change-of-control put at 101%.

Credit ratings remain to be determined.

Proceeds, together with cash on hand, will be used to prepay all of the term C loans of Express Topco LLC, the indirect parent, and to fund a distribution to equity holders.

Express is a Columbus, Ohio-based specialty retail apparel company.

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