By Paul A. Harris
St. Louis, Dec. 3 - Boardriders SA, a wholly owned European subsidiary of Quiksilver, Inc., priced a €200 million issue of seven-year senior notes (Ba3/B/) at par to yield 8 7/8% on Friday in London, according to an informed source.
The yield printed in the middle of the 8¾% to 9% price talk.
Bank of America Merrill Lynch was the left bookrunner. UBS Investment Bank was the joint bookrunner. Bank of America Merrill Lynch will bill and deliver.
SG CIB was the joint lead manager.
The Huntington Beach, Calif.-based lifestyle apparel company plans to use the proceeds to refinance its existing European term loans.
As a result of the refinancing, Quicksilver expects to recognize non-cash, non-operating charges during the fiscal quarter ending Jan. 31, 2011 of about $13 million.
| Issuer: | Boardriders SA (Quiksilver, Inc.)
|
| Amount: | €200 million
|
| Maturity: | Dec. 15, 2017
|
| Securities: | Senior notes
|
| Left bookrunner: | Bank of America Merrill Lynch
|
| Joint bookrunner: | UBS Investment Bank
|
| Joint lead manager: | SG CIB
|
| Coupon: | 8 7/8%
|
| Price: | Par
|
| Yield: | 8 7/8%
|
| Spread: | 640 bps
|
| Call features: | Make-whole call at Bunds plus 50 bps until Dec. 15, 2014, then callable at 104.438, 102.219, par on and after Dec. 15, 2016
|
| Equity clawback: | 35% at 108.875 until Dec. 15, 2013
|
| Change-of-control put: | 101%
|
| Trade date: | Dec. 3
|
| Settlement date: | Dec. 10
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8¾% to 9%
|
| Marketing: | Roadshow
|
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