By Paul A. Harris
St. Louis, Feb. 8 - Linens 'n Things, Inc. priced a $650 million issue of eight-year senior secured floating-rate notes (B3/B) at par on Wednesday to yield three-month Libor plus 562.5 basis points, according to a market source.
The yield came on the tight end of the three-month Libor plus 575 basis points price talk.
Bear Stearns & Co. and UBS Investment Bank were joint bookrunners for the notes, which were sold via Rule 144A with registration rights and via Regulation S.
Proceeds will be used to finance the acquisition of the company by Apollo Management.
The issuer is a Clifton, N.J., retailer of home textiles, housewares and home accessories.
| Issuer: | Linens 'n Things, Inc.
|
| Amount: | $650 million
|
| Maturity: | Feb. 15, 2014
|
| Security description: | Senior secured floating-rate notes
|
| Bookrunners: | Bear Stearns & Co., UBS Investment Bank
|
| Coupon: | Three-month Libor plus 562.5 bps
|
| Price: | Par
|
| Yield: | Three-month Libor plus 562.5 bps
|
| Call features: | Callable after Feb. 15, 2008 at 102, 101, par
|
| Equity clawback: | Until Feb. 15, 2008
|
| Trade date: | Feb. 8
|
| Settlement date: | Feb. 14
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A with registration rights/Regulation S
|
| Price talk: | Three-month Libor plus 575 bps
|
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