Otis Spunkmeyer to buy back 18½% notes due 2011 with IPO proceeds

By Jennifer Chiou

New York, June 20 - Otis Spunkmeyer Holdings, Inc. plans to use proceeds from an initial public offering of stock to repay its 18½% senior subordinated notes due 2011, according to an S-1 filing with the Securities and Exchange Commission.

Remaining proceeds from the up to $230 million issue of shares will go towards the redemption of the company's class A preferred stock and for general corporate purposes.

Merrill Lynch & Co. is bookrunner for the IPO with JPMorgan as joint lead manager.

Based in San Leandro, Calif., Otis Spunkmeyer is a cookie company.

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