By Paul A. Harris
Portland, Ore., Oct. 16 - Allied Specialty Vehicles Inc. priced a $200 million issue of 8½% six-year senior secured notes (B3/B+/) at 99.417 to yield 8 5/8% on Wednesday, according to a market source.
The yield printed at the wide end of yield talk set in the 8½% area.
Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC and Goldman Sachs & Co. managed the sale.
The Orlando, Fla.-based manufacturer of emergency, public transportation and recreational vehicles plans to use the proceeds to pay down debt and fund an acquisition.
| Issuer: | Allied Specialty Vehicles Inc.
|
| Amount: | $200 million
|
| Maturity: | Nov. 1, 2019
|
| Securities: | Senior secured notes
|
| Bookrunners: | Deutsche Bank Securities Inc., Morgan Stanley & Co. LLC, Goldman Sachs & Co.
|
| Coupon: | 8½%
|
| Price: | 99.417
|
| Yield: | 8 5/8%
|
| Spread: | 686 bps
|
| First call: | Nov. 1, 2016 at 104.25
|
| Trade date: | Oct. 16
|
| Settlement date: | Nov. 21
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8¼% area
|
| Marketing: | Roadshow
|
© 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.
