By Paul A. Harris
Portland, Ore., Nov. 13 - Appvion, Inc. priced a $250 million issue of 9% second-lien senior secured notes due June 1, 2020 (second-lien ratings B2/CCC+) at 98.501 to yield 9.31% on Wednesday, according to a syndicate source.
The yield printed 68.5 basis points beyond the wide end of yield talk in the 8½% area.
Barclays was the lead left bookrunner. Jefferies LLC was the joint bookrunner.
The Appleton, Wis.-based producer of paper products plans to use the proceeds to refinance debt.
| Issuer: | Appvion, Inc.
|
| Face amount: | $250 million
|
| Proceeds: | $246 million
|
| Maturity: | June 1, 2020
|
| Securities: | Second-lien senior secured notes
|
| Left lead bookrunner: | Barclays
|
| Joint bookrunner: | Jefferies LLC
|
| Co-manager: | Fifth Third Bank
|
| Coupon: | 9%
|
| Price: | 98.501
|
| Yield to worst: | 9.31%
|
| First call: | Callable after Dec. 1, 2016 at 104.5
|
| Trade date: | Nov. 13
|
| Settlement date: | Nov. 19
|
| Second-lien ratings: | Moody's: B2
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8½% area
|
| Marketing: | Roadshow
|
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