By Michelle Anderson
Rochester, N.H., Feb. 22 - Key Plastics Finance Corp. priced a $115 million issue of 11¾% six-year senior secured notes (B2/B) at 99.50 to yield 11.868% on Thursday, according to an informed source.
The deal had been talked with an 11¾% coupon with an issue price range of 99.00 to 99.50. Hence it came tight to talk with respect to the issue price.
Jefferies & Co. ran the books for the Rule 144A and Regulation S for life issue.
Proceeds together with an equity contribution from an affiliate of Ewing Management Group, will be used to refinance debt and for general corporate purposes.
The issuer is a wholly owned subsidiary of Key Plastics LLC, a Detroit-based supplier of highly engineered and value-added plastic components and functional assemblies to original equipment manufacturers of light vehicles.
| Issuer: | Key Plastics Finance Corp.
|
| Amount: | $115 million
|
| Maturity: | March 15, 2013
|
| Security description: | Senior secured notes
|
| Bookrunner: | Jefferies & Co. Inc.
|
| Coupon: | 11¾%
|
| Price: | 99.50
|
| Yield: | 11.868%
|
| Spread: | 717 bps
|
| Call features: | Make-whole call at Treasures plus 50 bps until March 15, 2010, then callable at 105.875% on or after March 15, 2010, 102.938% on or after March 15, 2011 and par on or after March 15, 2012
|
| Equity clawback: | For 35% at 111.750% before March 15, 2010
|
| Trade date: | Feb. 22
|
| Settlement date: | March 12
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A/Regulation S, without registration rights
|
| Price talk: | 11¾%
|
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