By Paul A. Harris
St. Louis, Nov. 1 - MediMedia USA Inc. priced a $150 million issue of eight-year senior subordinated notes (Caa1/CCC+) at par to yield 11 3/8% on Wednesday, according to an informed source.
The yield came at the tight end of the 11½% area price talk.
Goldman Sachs & Co. ran the books for the notes, which were issued via Rule 144A.
Proceeds, in addition to a $250 million credit facility, will be used to repay the bridge loan incurred to fund the acquisition of the company by Vestar Capital Partners from Cinven, The Carlyle Group and Apax Partners.
MediMedia is a Chatham, N.J.-based specialty health care communications company.
| Issuer: | MediMedia USA Inc.
|
| Amount: | $150 million
|
| Maturity: | Nov. 15, 2014
|
| Security description: | Senior subordinated notes
|
| Bookrunner: | Goldman Sachs & Co.
|
| Coupon: | 11 3/8%
|
| Price: | Par
|
| Yield: | 11 3/8%
|
| Spread: | 684 bps
|
| Call features: | Callable on Nov. 15, 2009 at 105.688, 102.844, par on and after Nov. 15, 2011
|
| Equity clawback: | Until Nov. 15, 2009 for 40% at 111.375
|
| Trade date: | Nov. 1
|
| Settlement date: | Nov. 6
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A
|
| Price talk: | 11½% area
|
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