By Paul A. Harris
Portland, Ore., Oct. 16 - Mood Media Corp. priced a $350 million issue of eight-year senior notes (B3/B-/) at par to yield 9¼% on Tuesday, according to an informed source.
The yield printed 25 basis points beyond the wide end of the 8¾% to 9% yield talk.
Credit Suisse Securities (USA) LLC and Jefferies & Co. were the joint bookrunners.
The Toronto-based in-store music, visual and scent media specialist plans to use the proceeds to repay existing debt under its first-lien credit facility, to repay its second-lien credit facility in its entirety, to finance the Independence Media, Inc. acquisition and for general corporate purposes.
| Issuer: | Mood Media Corp.
|
| Amount: | $350 million
|
| Maturity: | Oct. 15, 2020
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, Jefferies & Co.
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
| Spread: | 790 bps
|
| First call: | Oct. 15, 2015 at 106.938
|
| Trade date: | Oct. 16
|
| Settlement date: | Oct. 19
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8¾% to 9%
|
| Marketing: | Roadshow
|
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