By Paul A. Harris
Portland, Ore., June 4 - Outerwall Inc. priced $300 million issue of seven-year senior notes (Ba3/BB-) at par to yield 5 7/8% on Wednesday, according to a press release from the company.
The yield came on top of yield talk, and in line with earlier whisper that had the deal coming in a high 5% yield context, according to a trader.
HSBC Securities (USA) Inc., BofA Merrill Lynch, US Bancorp and RBC Capital Markets were the joint bookrunners.
Proceeds will be used to repay bank debt, with a portion of the proceeds possibly set aside for general corporate purposes which may include but are not limited to maintenance or repayment of other outstanding debt, acquisitions or other investments, and the payment of other corporate expenses.
Outerwall is a Bellevue, Wash.-based kiosk retail services provider.
| Issuer: | Outerwall Inc.
|
| Amount: | $300 million
|
| Maturity: | 2021
|
| Securities: | Senior notes
|
| Bookrunners: | HSBC Securities (USA) Inc., BofA Merrill Lynch, US Bancorp, RBC Capital Markets
|
| Co-managers: | Comerica, Morgan Stanley & Co., BBVA, BMO Securities, Mitsubishi UFJ
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Call protection: | Three years
|
| Trade date: | June 4
|
| Settlement date: | June 9
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 5 7/8% area
|
| Marketing: | Roadshow
|
© 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.
