By Paul A. Harris
Portland, Ore., Feb. 11 - Speedy Cash priced an upsized $125 million issue of senior cash pay notes due Nov. 15, 2017 at par to yield 12% on Monday, according to an informed source.
The yield printed on top of yield talk.
Jefferies & Co. Inc. was the bookrunner for the quick-to-market deal, which was upsized from $100 million.
The deal will be rated, according to the informed source. However the timeline for credit ratings to be assigned to the notes remains to be determined.
Proceeds will be used to fund a distribution to shareholders.
Speedy Cash is a Wichita, Kan.-based provider of alternative financial services focused on serving unbanked and underbanked consumers.
| Issuer: | Speedy Group Holdings Corp. (Speedy Cash)
|
| Amount: | $125 million, increased from $100 million
|
| Maturity: | Nov. 15, 2017
|
| Securities: | Senior cash pay notes
|
| Bookrunner: | Jefferies & Co. Inc.
|
| Co-manager: | Stephens Inc.
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| First call: | May 15, 2015 at 106
|
| Equity clawback: | 35% at 112 until May 15, 2015
|
| Change-of-control put: | 101%
|
| Trade date: | Feb. 11
|
| Settlement date: | Feb. 14
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 12% area
|
| Marketing: | Quick to market
|
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