By Paul A. Harris
St. Louis, June 8 - One month after canceling a similarly structured deal, OSI Restaurant Partners, LLC, returned to the high yield primary market and priced a $550 million issue of eight-year senior notes (Caa1/CCC+) at par to yield 10%.
The yield on Friday's issue was printed on top of the price talk.
Banc of America Securities LLC was the left bookrunner for the Rule 144A with registration rights issue. Deutsche Bank Securities was the joint bookrunner. The co-managers were ABN Amro, GE Capital Markets, Rabobank, SunTrust Robinson Humphrey and Wells Fargo Securities.
Proceeds will be used to help fund the company's LBO by an investor group comprised of Bain Capital Partners, LLC, Catterton Partners and company founders Chris T. Sullivan, Robert D. Basham and J. Timothy Gannon.
On May 8, one day before it was to settle, OSI cancelled a $550 million issue of 9 5/8% senior notes (Caa1/B-) because the company did not receive sufficient shareholder approval to proceed with the going-private transaction for which the notes were issued.
OSI is a Tampa, Fla., casual dining restaurants company.
| Issuer: | OSI Restaurant Partners, LLC
|
| Amount: | $550 million
|
| Maturity: | June 15, 2015
|
| Security description: | Senior notes
|
| Left bookrunner: | Banc of America Securities LLC
|
| Joint bookrunner: | Deutsche Bank Securities
|
| Co-managers: | ABN Amro, GE Capital Markets, Rabobank, SunTrust Robinson Humphrey, Wells Fargo Securities
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Spread: | 488 bps
|
| Call features: | Make-whole at Treasuries plus 50 bps until June 15, 2011, then at 105, 102.50, 101.25, par on and after June 15, 2013
|
| Equity clawback: | Until June 15, 2010 for 35% at 110.0
|
| Trade date: | June 8
|
| Settlement date: | June 14
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 10%
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
