Published on 7/11/2013 in the Prospect News High Yield Daily.
New Issue: Monitronics upsizes to $175 million, prices add-on to 9 1/8% notes at par to yield 9.118%
By Paul A. Harris
Portland, Ore., July 11 - Monitronics priced an upsized $175 million add-on to its 9 1/8% senior notes due April 1, 2020 (Caa1/CCC+) at par to yield 9.118% on Thursday, according to a syndicate source.
The reoffer price came on top of price talk.
BofA Merrill Lynch was the left bookrunner for the quick-to-market add-on that was upsized from $150 million. Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc. were the joint bookrunners.
The Dallas-based alarm monitoring company plans to use the proceeds to partially fund the acquisition of Securities Networks.
| Issuer: | Monitronics Escrow Corp., to be assumed by Monitronics International, Inc.
|
| Face amount: | $175 million, upsized from $150 million
|
| Maturity: | April 1, 2020
|
| Security description: | Add-on to the 9 1/8% senior notes due April 1, 2020
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunners: | Credit Suisse Securities (USA) LLC, Citigroup Global Markets Inc.
|
| Coupon: | 9 1/8%
|
| Price: | Par
|
| Yield: | 9.118%
|
| Call features: | Make-whole call at Treasuries plus 50 bps until April 1, 2016, then callable at 104.563, 102.281, par on and after April 1, 2018
|
| Equity clawback: | 35% at 109.125 until April 1, 2015
|
| Change-of-control put: | 101%
|
| Trade date: | July 11
|
| Settlement date: | July 17 with accrued interest
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
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| Distribution: | Rule 144A with registration rights and Regulation S
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| Price talk: | Par area
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| Marketing: | Quick-to-market
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| Original issue: | $410 million priced at par in March 2012
|
| Fungibility: | Upon registration, the add-on notes will be fungible with the existing notes
|
| Total issue size: | $585 million
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