Linens 'n Things talks $650 million eight-year senior secured floater at Libor plus 575 bps

By Paul A. Harris

St. Louis, Feb. 7 - Linens 'n Things Inc. is talking its $650 million offering of eight-year senior secured floating-rate notes at three-month Libor plus 575 basis points, according to a market source.

The notes (B3/B) are expected to price on Wednesday.

Bear Stearns & Co. and UBS Investment Bank are joint bookrunners.

The notes come with two years of call protection.

Proceeds will be used to help fund the leveraged buyout by Apollo and co-investors, including NRDC Real Estate Advisors I LLC.

The prospective issuer is a Clifton, N.J., retailer of home textiles, housewares and home accessories.

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