Alliance One talks $790 million second-lien notes to yield in 9¼% area

By Paul A. Harris

Portland, Ore., July 24 - Alliance One International, Inc. talked its $790 million offering of eight-year senior secured second-lien notes (Caa1/B-) to yield in the 9¼% area, according to a market source.

The Rule 144A and Regulation S deal is expected to price Thursday afternoon.

Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, ICBC, ING, Natixis Securities and Standard Chartered Bank are managing the sale.

The notes come with four year of call protection.

The Morrisville, N.C.-based leaf tobacco merchant plans to use the proceeds to fund the redemption of $635 million of its 10% senior notes due 2016 and a tender offer for any and all of $115 million of its 5½% convertible senior subordinated notes due 2014.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.