By Paul A. Harris
Portland, Ore., May 6 - Harmony Foods Corp. moved up timing and priced an upsized $115 million issue of five-year senior secured notes at par to yield 10% on Friday, according to an informed source.
The yield printed at the tight end of the 10% to 10¼% price talk.
Timing was moved forward; the roadshow had been scheduled to run until May 10.
Imperial Capital, LLC ran the books for the deal, which was upsized from $105 million.
Proceeds will be used to refinance existing debt and to fund a distribution to equity holders.
Santa Cruz, Calif.-based Harmony Foods, doing business as Santa Cruz Nutritionals, manufactures chewable gummy vitamins for children.
| Issuer: | Harmony Foods Corp.
|
| Amount: | $115 million, increased from $105 million
|
| Maturity: | May 1, 2016
|
| Securities: | Senior secured notes
|
| Bookrunner: | Imperial Capital, LLC
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Call features: | Make-whole call at Treasuries plus 50 bps until Nov. 1, 2013, then callable at a premium (special call allows the issuer to redeem 10% of the notes annually at 105 during the non-call period)
|
| Equity clawback: | 35% at 110.0 until Nov. 1, 2013
|
| Trade date: | May 6
|
| Settlement date: | May 11
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 10% to 10¼%
|
| Marketing: | Roadshow
|
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