By Paul A. Harris
St. Louis, June 22 - Michael Foods Group, Inc. priced a $430 million issue of eight-year senior unsecured notes (Caa1/B-/) at par to yield 9¾% on Tuesday, according to informed sources.
The yield printed at the tight end of the 9¾% to 10% price talk.
Goldman Sachs & Co. was the left lead bookrunner. Bank of America Merrill Lynch and Barclays Capital Inc. were the joint bookrunners.
Proceeds will be used to help finance the leveraged buyout of the company by GS Capital Partners from Thomas H. Lee Partners LP.
Michael Foods is a Minnetonka, Minn.-based food products and services company.
| Issuer: | Michael Foods Group, Inc.
|
| Amount: | $430 million
|
| Maturity: | July 15, 2018
|
| Securities: | Senior unsecured notes
|
| Bookrunners: | Goldman Sachs & Co. (left lead), Bank of America Merrill Lynch, Barclays Capital Inc.
|
| Coupon: | 9¾%
|
| Price: | Par
|
| Yield: | 9¾%
|
| Call features: | Callable in four years at 104.875, 102.438, par in year six
|
| Trade date: | June 22
|
| Settlement date: | June 29
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 9¾% to 10%
|
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