Published on 3/9/2004 in the Prospect News High Yield Daily.
New Issue: Mrs. Fields sells $115 million seven-year notes to yield 11½%
By Paul A. Harris
St. Louis, March 9 - Mrs. Fields Famous Brands LLC and Mrs. Fields Financing Co. Inc. sold $115 million of seven-year senior secured notes (B3/CCC+) Tuesday at par to yield 11½%, according to an informed source.
Price talk was 11¼% to 11½%.
Jefferies & Co. ran the books on the Rule 144A/Regulation S issue.
Proceeds will be used to repay debt.
The issuer is a Salt Lake City-based snack food franchisor.
| Issuer: | Mrs. Fields Famous Brands LLC and Mrs. Fields Financing Co. Inc.
|
| Amount: | $115 million
|
| Maturity: | March 15, 2011
|
| Security description: | Senior secured notes
|
| Bookrunner: | Jefferies & Co.
|
| Coupon: | 11½%
|
| Price: | Par
|
| Yield: | 11½%
|
| Call schedule | Callable on or after March 15, 2008 at 105.75, 102.875, par on or after March 15, 2010
|
| Equity clawback: | For 35% at 111.50 on or before March 15, 2007
|
| Pricing date: | March 9
|
| Settlement date: | March 16
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: CCC+
|
| Price talk: | 11¼%-11½%
|
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