By Paul A. Harris
St. Louis, March 22 - Smart Modular Technologies (WWH) Inc. priced a restructured $125 million issue of seven-year senior secured second-lien floating-rate notes (B2/B) at par to yield three-month Libor plus 550 basis points.
Revised price talk was in the three-month Libor plus 550 basis points area, having widened on Monday from the 425 basis points area.
Citigroup and Lehman Brothers led the Rule 144A/Regulation S with registration rights issue.
The Cayman Islands-based distributor, manufacturer and supplier of memory technology extended call protection on the notes to three years from one year.
Proceeds will be used to repay bank debt.
| Issuer: | Smart Modular Technologies (WWW) Inc.
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| Amount: | $125 million
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| Maturity: | April 1, 2012
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| Security description: | Senior secured second-lien floating-rate notes
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| Bookrunners: | Citigroup, Lehman Brothers
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| Coupon: | Three-month Libor plus 550 basis points
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| Price: | Par
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| Yield: | Three-month Libor plus 550 basis points
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| Call protection: | Three years (extended from one year)
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| Trade date: | March 22
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| Settlement date: | March 28
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| Ratings: | Moody's: B2
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| Standard & Poor's: B
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| Price talk: | Three-month Libor plus 550 basis points area (increased from 425 bps area)
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