American Residential Services talks $150 million five-year secured notes at 11¾% area yield

By Paul A. Harris

St. Louis, April 8 - American Residential Services LLC and ARS Finance, Inc. talked their $150 million offering of five-year senior secured second-lien notes (B2/B) with a yield in the 11¾% area, an informed source told Prospect News on Thursday.

The books close at 10 a.m. ET on Friday.

UBS Investment Bank is the left bookrunner for the Rule 144A and Regulation S for life offering. Jefferies & Co. is the joint bookrunner. William Blair is the co-manager.

The notes come with 2.5 years of call protection.

Proceeds will be used to refinance the company's second-lien term loan and to repay a portion of its revolver.

The prospective issuer is a heating, air conditioning, ventilation and plumbing services provider based in Memphis, Tenn.

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