By Paul A. Harris
St. Louis, Sept. 28 - MCBC Holdings, Inc. (MasterCraft) priced $105 million seven-year senior secured floating-rate notes (B3/B-) at par to yield six-month Libor plus 637.5 basis points on Friday, according to an informed source.
The coupon was printed at the midpoint of the Libor plus 625 to 650 bps price talk.
Jefferies & Co. ran the books for the Rule 144A and Regulation S for life notes.
Proceeds will be used to fund the acquisition of MasterCraft by MCBC Holdings. The financing also includes a $63 million equity investment.
MasterCraft is a Vonore, Tenn.-based designer and manufacturer of luxury inboard sport boats.
| Issuer: | MCBC Holdings, Inc.
|
| Amount: | $105 million
|
| Maturity: | Oct. 15, 2014
|
| Security description: | Senior secured floating-rate notes
|
| Bookrunner: | Jefferies & Co.
|
| Coupon: | Six-month Libor plus 637.5 bps
|
| Price: | Par
|
| Yield: | Six-month Libor plus 637.5 bps
|
| Call features: | Callable on Oct. 15, 2009 at 103.0, 101.50, par on and after Oct. 15, 2011
|
| Equity clawback: | Until Oct. 15, 2009 for 35% at par plus the applicable coupon
|
| Change-of-control put: | 101.0
|
| Trade date: | Sept. 28
|
| Settlement date: | Oct. 3
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A/Regulation S for life
|
| Price talk: | Libor plus 625 to 650
|
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