Published on 9/22/2003 in the Prospect News High Yield Daily.
New Issue: Hines Nurseries $175 million eight-year notes yield 10¼%
By Paul A. Harris
St. Louis, Sept. 22 - Hines Nurseries, Inc. sold $175 million of senior notes due Oct. 1, 2011 (B3/B) at par Monday to yield 10¼%, according to an informed source.
Price talk was for a yield in the 10½% area.
Credit Suisse First Boston was the bookrunner on the Rule 144A offering. Deutsche Bank Securities was co-manager.
The Irvine, Calif. commercial nursery operator will use proceeds to repay its credit facility and redeem its 12¾% senior subordinated notes due 2005.
Issuer: | Hines Nurseries, Inc.
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Amount: | $175 million
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Maturity: | Oct. 1, 2011
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Security description: | Senior notes
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Bookrunner: | Credit Suisse First Boston |
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Co-manager: | Deutsche Bank Securities
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Coupon: | 10¼%
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Price: | Par
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Yield: | 10¼%
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Spread: | 626 basis points over 5% Treasury due August 2011
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Call features: | Callable after Oct. 1, 2007 at 105.125, then 102.563, declining to par on Oct. 1, 2009 and thereafter
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Equity clawback: | Until Oct. 1, 2006 at 110.250 for up to 35% |
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Settlement Date: | Sept. 30 (T+6)
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Ratings: | Moody's: B3
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| Standard & Poor's: B
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Rule 144A Cusip: | 43325MAA7
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Price talk: | 10½% area
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