By Paul A. Harris
St. Louis, May 19 - The Sheridan Group Inc. priced a $60 million add-on to its senior secured notes due Aug. 15, 2011 (B1/B) at 102.0 on Wednesday, according to an informed source.
The transaction resulted in a 9.745% yield to worst, a 9.851% yield to maturity, and generated $61.2 million of proceeds.
Price talk was 102 to 102.25.
Jefferies & Co. ran the books on the Rule 144A/Regulation S add-on.
Proceeds will be used to finance the acquisition of Dingley Press.
The issuer is a Hunt Valley, Md.-based publishing company.
The original $105 million issue priced Aug. 14, 2003 at 98.667 with a 10¼% coupon to yield 10½%.
| Issuer: | The Sheridan Group Inc.
|
| Face amount: | $60 million
|
| Proceeds: | $61.2 million
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| Security description: | Add-on to senior secured notes due Aug. 15, 2011
|
| Bookrunner: | Jefferies & Co.
|
| Maturity: | Aug. 15, 2011
|
| Coupon: | 10¼%
|
| Price: | 102.0
|
| Yield to worst: | 9.745%
|
| Yield to maturity: | 9.851%
|
| Call features: | Callable on Aug. 15, 2007 at 105.125, 102.563, par on Aug. 15, 2009 and thereafter
|
| Equity clawback: | Until Aug. 15, 2006 for up to 35% at 110.25
|
| Settlement date: | May 25, 2004, with accrued interest
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B
|
| Price talk: | 102-102.25
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