New Issue: Pathmark Stores prices $50 million add-on to 8¾% notes to yield 8.115%

By Paul A. Harris

St. Louis, Dec. 12 - Pathmark Stores, Inc. priced a $50 million add-on to its 8¾% senior subordinated notes due Feb. 1, 2012 at 103 on Friday resulting in an 8.115% yield to worst, according to market sources.

JP Morgan was the bookrunner.

Pathmark will use proceeds to repay bank debt.

The original $200 million deal priced on Jan. 23, 2002 followed by a $100 million add-on on Sept. 12, 2003.

Pathmark Stores is a supermarket chain based in Carteret, N.J.

Issuer:	Pathmark Stores, Inc.
Amount:	$50 million
Security description:	Add-on to 8¾% senior subordinated notes due Feb. 1, 2012
Bookrunner:	JP Morgan
Maturity:	Feb. 1, 2012
Coupon:	8¾%
Price:	103
Yield to worst:	8.115%
Spread:	468 basis points
Call features:	Make-whole call at Treasuries plus 50 basis points until Feb. 1, 2007, then callable at 104.375, 102.917, 101.458, declining to par on Feb. 1, 2010 and thereafter
Equity clawback:	Until Feb. 1, 2005 for 35% at 108.75
Settlement date:	Dec. 18 with accrued interest

© 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.