New Issue: National Amusements sells upsized $400 million seven-year notes at par to yield 8¼%

By Paul A. Harris

St. Louis, Dec. 2 - National Amusements, Inc. priced an upsized $400 million issue of seven-year senior secured notes (B1/BB/) at par to yield 8¼% on Thursday, according to an informed source.

The yield printed at the tight end of the 8¼% to 8½% price talk.

Barclays Capital Inc. ran the books for the issue, which was upsized from $390 million.

The Norwood, Mass.-based privately held media and entertainment company will use the proceeds to refinance its credit facility.

Issuer:	NAI Entertainment Holdings LLC (National Amusements, Inc.)
Amount:	$400 million, increased from $390 million
Maturity:	Dec. 15, 2017
Securities:	Senior secured notes
Bookrunner:	Barclays Capital Inc.
Co-managers:	TD Securities, Wells Fargo Securities
Coupon:	8¼%
Price:	Par
Yield:	8¼%
Spread:	591 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Dec. 15, 2013, then callable at 106.188, 104.125, 102.063 par on and after Dec. 15, 2016 (Special call allows issuer to redeem 10% of the notes annually at 103 during the non-call period)
Equity clawback:	35% at 108.25 until Dec. 15, 2013
Change-of-control put:	101%
Trade date:	Dec. 2
Settlement date:	Dec. 10
Ratings:	Moody's: B1
	Standard & Poor's: BB
Distribution:	Rule 144A and Regulation S for life
Price talk:	8¼% to 8½%
Marketing:	Roadshow

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