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Sizzling Platter talks $325 million five-year notes to yield 7¾%-8%; pricing Friday
By Paul A. Harris
Portland, Ore., Oct. 22 – Sizzling Platter, LLC and Sizzling Platter Issuer Corp. talked their $325 million offering of five-year senior secured notes (B3//B-) to yield 7¾% to 8%, according to market sources.
Final talk comes at the wide end of initial guidance in the 7¾% area.
Books were scheduled to close on Thursday, and the deal is set to price and allocate on Friday morning.
Joint bookrunner UBS Securities LLC will bill and deliver. Mizuho Securities USA Inc. is also a joint bookrunner.
The Rule 144A and Regulation S for life notes become callable after two years at par plus 50% of the coupon. They feature a three-year 40% equity clawback and a 101% poison put.
The Murray, Utah-based parent company of restaurant chains plans to use the proceeds to repay debt.
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