By Paul A. Harris
Portland, Ore., Feb. 7 - Lansing Trade Group LLC priced $175 million five-year senior notes (B3/B+/) at par to yield 9¼%, a market source said on Friday.
In a structural change, the maturity of the notes was decreased to five years from seven years, and call protection was decreased to two years from three years.
The yield printed 25 basis points beyond the wide end of the 8¾% to 9% yield talk.
Macquarie Capital (USA) Inc. ran the books.
Proceeds will be used to refinance debt, including a partial repayment of the company's ABL facility.
The issuer is an independent commodity merchandising and handling company based in Overland Park, Kan.
| Issuer: | Lansing Trade Group LLC
|
| Amount: | $175 million
|
| Maturity: | Five years
|
| Securities: | Senior notes
|
| Bookrunners: | Macquarie Capital (USA) Inc.
|
| Co-managers: | Global Hunter Securities, Seaport Group
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
| Spread: | 778 bps
|
| First call: | Callable after two years at 106.938
|
| Trade date: | Feb. 7
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A for life
|
| Price talk: | 8¾% to 9%
|
| Marketing: | Roadshow
|
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