Published on 5/21/2013 in the Prospect News High Yield Daily.
New Issue: Knight/Getco prices $305 million five-year notes at par to yield 8¼%
By Paul A. Harris
Portland, Ore., May 21 - Getco Financing Escrow LLC priced a $305 million issue of five-year senior secured notes (B2/B/) at par to yield 8¼% on Tuesday, according to a syndicate source.
The yield printed on top of yield talk.
Jefferies LLC and Goldman Sachs & Co. were the joint bookrunners.
Proceeds, together with a new credit facility, will be used to refinance debt and finance the merger between Knight Capital Group Inc. and Getco.
Getco is a Chicago-based buyer and seller of securities.
Knight Capital is a Jersey City, N.J.-based financial services firm.
Issuer: | Getco Financing Escrow LLC (to be assumed by KCG Holding, Inc.)
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Amount: | $305 million
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Maturity: | June 15, 2018
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Securities: | Senior secured notes
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Bookrunners: | Jefferies LLC, Goldman Sachs & Co.
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Co-managers: | Knight Capital Americas LLC, Pierpont Securities LLC
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Coupon: | 8¼%
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Price: | Par
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Yield: | 8¼%
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Call features: | Make-whole call at Treasuries plus 50 bps until June 15, 2015, then callable at 104.125, 102.063, par on and after June 15, 2017
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Equity clawback: | 35% at 108.25 until June 15, 2015
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Change-of-control put: | 101%
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Trade date: | May 21
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Settlement date: | June 5
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Ratings: | Moody's: B2
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| Standard & Poor's: B
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Distribution: | Rule 144A and Regulation S with registration rights
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Price talk: | 8¼% area
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Marketing: | Roadshow
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