By Paul A. Harris
Portland, Ore., Nov. 12 – Sizzling Platter, LLC and Sizzling Platter Issuer Corp. returned to the high-yield primary market to price an upsized $350 million offering of five-year senior secured notes (B3//B-) after postponing a similarly structured $325 million offering in late October, according to market sources.
The notes priced at par to yield 8½%, on top of guidance heard earlier on Thursday. Prior to pulling the earlier offering, the notes had been talked to yield 7¾% to 8%. The company came to market in October hoping for a yield in the 7¾% area.
Joint bookrunner UBS Securities LLC will bill and deliver. Mizuho Securities USA Inc. was also a joint bookrunner.
The Murray, Utah-based parent company of restaurant chains plans to use the proceeds to repay debt and for general corporate purposes.
| Issuers: | Sizzling Platter, LLC and Sizzling Platter Issuer Corp.
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| Amount: | $350 million
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| Maturity: | Nov. 28, 2025
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| Securities: | Senior secured notes
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| Bookrunners: | UBS Securities LLC (bill and deliver) and Mizuho Securities USA Inc.
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| Coupon: | 8½%
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| Price: | Par
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| Yield: | 8½%
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| First call: | Nov. 28, 2022 at 104.25
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| Trade date: | Nov. 12
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| Settlement date: | Nov. 25
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| Ratings: | Moody’s: B3
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| Fitch: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Guidance: | 8½% area
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