Published on 11/6/2003 in the Prospect News High Yield Daily.
New Issue: Tabletop Holdings $75 million proceeds 11-year discount notes yield 12¼%
By Paul A. Harris
St. Louis, Nov. 6 - Tabletop Holdings, Inc. sold $75 million proceeds of senior subordinated discount notes due May 15, 2014 (Caa1/B-) at 55.131 on Thursday to yield 12¼%, according to an informed source.
Price talk was for a yield of 12¼%-12½%.
Credit Suisse First Boston ran the books on the Rule 144A transaction. Jefferies & Co. was co-manager.
The issue, parent of Chicago-based sweetener company, Merisant Co., will use proceeds to fund a dividend payment.
Issuer: | Tabletop Holdings, Inc.
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Face amount: | $136.04 million
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Proceeds: | $75 million
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Maturity: | May 15, 2014
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Security description: | Senior subordinated discount notes
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Bookrunner: | Credit Suisse First Boston
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Co-manager: | Jefferies & Co.
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Coupon: | 0/12¼%
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Price: | 55.131
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Yield to maturity: | 12¼%
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Spread: | 785 basis points over 4¼% Treasuries due August 2013
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Call features: | Callable after Nov. 15, 2008 at 106.125, then 104.083, 102.042, declining to par on Nov. 15, 2011 and thereafter
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Special call feature: | Callable at 112.25 until Nov. 15, 2006 on change of control
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Equity clawback: | Until Nov. 15, 2006 at 112.25 for up to 35%
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Settlement date: | Nov. 12, 2003 (T+3)
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Interest payment dates: | May 15, and Nov. 15, commencing May 15, 2004
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Ratings: | Moody's: Caa1
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| Standard & Poor's: B-
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Rule 144A Cusip: | 87336NAA9
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Price talk: | 12¼%-12½%
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