Published on 1/29/2014 in the Prospect News High Yield Daily.
New Issue: Ancestry.com prices $100 million tap of PIK toggle notes due 2018 at 103 to yield 8.648%
By Paul A. Harris
Portland, Ore., Jan. 29 - Ancestry.com Holdings LLC priced a $100 million add-on to its 9 5/8%/10 3/8% senior PIK toggle notes due Oct. 15, 2018 (Caa1/CCC+) at 103.00 to yield 8.648% on Wednesday, according to a syndicate source.
The reoffer price came at the rich end of the 102.5 to 103 price talk.
Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. and RBC Capital Markets LLC were the joint bookrunners.
Proceeds will be used to pay cash dividends on, and/or make other payments in respect of the issuer's or its subsidiaries' equity interests.
The issuer is a Provo, Utah-based provider of online family history services.
| Issuer: | Ancestry.com Holdings LLC
|
| Face amount: | $100 million
|
| Proceeds: | $103 million
|
| Maturity: | Oct. 15, 2018
|
| Security description: | Add-on to the 9 5/8%/10 3/8% senior PIK toggle notes due Oct. 15, 2018
|
| Joint bookrunners: | Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., RBC Capital Markets LLC
|
| Cash coupon: | 9 5/8%
|
| PIK coupon: | 10 3/8%
|
| Price: | 103.00
|
| Cash yield to worst: | 8.648%
|
| First call: | Oct. 15, 2015 at 102
|
| Trade date: | Jan. 29
|
| Settlement date: | Feb. 3 with accrued interest
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A for life and Regulation S
|
| Price talk: | 102.5 to 103
|
| Marketing: | Quick to market
|
| Original issue: | $300 million priced at 99 to yield 9 7/8% on Sept. 11, 2013
|
| Fungibility: | Rule 144A add-on notes will be immediately fungible with existing notes; Regulation S add-on notes will be fungible following a 40-day cooling period
|
| Total issue size: | $400 million
|
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