By Paul A. Harris
Portland, Ore., Jan. 16 - Oxford Finance LLC and Oxford Finance Co-Issuer Inc. priced a $200 million issue of five-year senior notes (B1/B/) at par to yield 7¼% on Wednesday, according to a market source.
The yield printed at the tight end of the 7¼% to 7½% yield talk.
J.P. Morgan Securities LLC was the bookrunner.
Proceeds will be used to repay the company's subordinated funding notes as well as its senior revolving funding credit facilities and for general corporate purposes.
The issuer is an Alexandria, Va.-based specialty finance firm focused on the science and health care services sectors.
| Issuers: | Oxford Finance LLC and Oxford Finance Co-Issuer Inc.
|
| Amount: | $200 million
|
| Maturity: | Jan. 15, 2018
|
| Securities: | Senior notes
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Spread: | 651 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until Jan. 15, 2015, then callable at 103.625, 101.813, par on and after Jan. 15, 2017
|
| Equity clawback: | 35% at 107.25 until Jan. 15, 2015
|
| Trade date: | Jan. 16
|
| Settlement date: | Jan. 22
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A for life
|
| Price talk: | 7¼% to 7½%
|
| Marketing: | Quick to market
|
© 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.
