New Issue: Liberty Tire Recycling prices $25 million tap of its 11% notes at par

By Paul A. Harris

Portland, Ore., Nov. 21 - Liberty Tire Recycling Holdco LLC priced a $25 million add-on to its 11% senior notes due Oct. 1, 2016 (Caa2/B-) at par to yield 11% on Wednesday, according to a market source.

BofA Merrill Lynch ran the books.

The Pittsburgh-based scrap tire collector and recycler plans to use the proceeds to pay down its revolver.

Issuer:	Liberty Tire Recycling Holdco LLC
Amount:	$25 million
Maturity:	Oct. 1, 2016
Security description:	Add-on to senior notes
Bookrunner:	BofA Merrill Lynch
Coupon:	11%
Price:	Par
Yield:	11%
First call:	Oct. 1, 2013 at 105.5
Trade date:	Nov. 20
Settlement date:	Nov. 26
Ratings:	Moody's: Caa2
	Standard & Poor's: B-
Marketing:	Quick-to-market
Original issue:	$200 million priced at 98.929 to yield 11¼% in September 2010
Total issue size:	$225 million

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