By Paul A. Harris
Portland, Ore., Sept. 11 - Ancestry.com Holdings LLC priced an upsized $300 million issue of five-year senior PIK toggle notes (Caa1/CCC+/) at 99 to yield 9 7/8% on Wednesday, according to a syndicate source.
The yield printed in the middle of the 9¾% to 10% yield talk. The reoffer price came on top of price talk.
The cash coupon is 9 5/8%. The coupon steps up by 75 basis points, to 10 3/8%, in the event of a PIK coupon payment.
The issue was upsized from $250 million.
Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. and RBC Capital Markets are the joint bookrunners.
There is an equity clawback for 100% of the notes at 102 for the first two years with IPO proceeds.
The Provo, Utah-based online family history resource plans to use the proceeds to pay cash dividends on or make other payments related to the issuer's equity interests.
| Issuer: | Ancestry.com Holdings LLC
|
| Face amount: | $300 million, upsized from $250 million
|
| Proceeds: | $297 million
|
| Maturity: | Oct. 15, 2018
|
| Securities: | Senior PIK toggle notes
|
| Bookrunners: | Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co., RBC Capital Markets
|
| Cash coupon: | 9 5/8%
|
| PIK coupon: | 10 3/8%
|
| Price: | 99
|
| Yield: | 9 7/8%
|
| Spread: | 815 bps
|
| First call: | Make-whole call at Treasuries plus 50 bps until Oct. 15, 2015, then callable at 102
|
| Equity clawback: | The entire issue may be called at 102 during the first two years with the proceeds of an IPO
|
| Trade date: | Sept. 11
|
| Settlement date: | Sept. 17
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 9¾% to 10% at 99
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
