New Issue: Haights Cross $73.6 million proceeds discount notes yield 12½%

By Paul A. Harris

St. Louis, Jan. 28 - Haights Cross Communications Inc. sold $73.6 million proceeds of senior discount notes due Aug. 15, 2011 (Caa2/CCC+) Tuesday night at 54.558 to yield 12½%, a market source said.

The notes have a face amount of $135 million.

Bear Stearns ran the books on the Rule 144A/Regulation S issue.

The White Plains, N.Y.-based publisher plans to use proceeds to fund future acquisitions.

Issuer: Haights Cross Communications Inc.

Face amount:	$135 million
Proceeds:	$73.6 million
Maturity:	Aug. 15, 2011
Security description:	Senior discount notes
Bookrunner:	Bear Stearns
Coupon:	Zero until Aug. 15, 2009, then 12½%
Price:	54.558
Yield:	12½%
Spread:	879 basis points
Call features:	Callable after Aug. 15, 2008 at 94.562 (106.25 of accreted value), with call premium declining ratably to par on Aug. 15, 2010
Equity clawback:	Until Aug. 15, 2007 for 35% at 112.50 accreted
Pricing date:	Jan. 27
Settlement date:	Feb. 2
Ratings:	Moody's: Caa2
	Standard & Poor's: CCC+

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