Published on 2/5/2013 in the Prospect News High Yield Daily.
New Issue: Speedy Cash sells $100 million tap of 10¾% notes due 2018 at 106.25 to yield 9.219%
By Paul A. Harris
Portland, Ore., Feb. 5 - Speedy Cash Intermediate Holdings Corp. priced a $100 million add-on to its 10¾% senior secured notes due May 15, 2018 (existing B3/confirmed B) at 106.25 on Tuesday, according to a syndicate source.
The reoffer price came at the rich end of the 106 to 106.25 price talk and rendered a 9.219% yield to maturity and an 8.948% yield to worst.
Jefferies & Co., Inc. and UBS Securities LLC were the joint bookrunners for the quick-to-market deal.
Proceeds will be used to fund the acquisition of Wage Day Advance Ltd.
Speedy Cash is a Wichita, Kan.-based provider of alternative financial services focused on serving unbanked and underbanked consumers.
| Issuer: | Speedy Cash Intermediate Holdings Corp.
|
| Face amount: | $100 million
|
| Proceeds: | $106.25 million
|
| Maturity: | May 15, 2018
|
| Security description: | Add-on to 10¾% senior secured notes due May 15, 2018
|
| Bookrunners: | Jefferies & Co., Inc., UBS Securities LLC
|
| Co-manager: | Stephens Inc.
|
| Coupon: | 10¾%
|
| Price: | 106.25
|
| Yield to maturity: | 9.219%
|
| Yield to worst: | 8.948%
|
| Call features: | Make-whole call at Treasuries plus 50 bps until May 15, 2015, then callable at 105.375, 102.688, par on and after May 15, 2017
|
| Equity clawback: | 35% at 110.75 until May 15, 2014
|
| Change-of-control put: | 101%
|
| Trade date: | Feb. 5
|
| Settlement date: | Feb. 8 with accrued interest
|
| Ratings: | Moody's: existing B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 106 to 106.25
|
| Marketing: | Quick to market
|
| Original issue: | $250 million issue priced at par in May 2011
|
| Previous add-on: | $90 million add-on priced at 101.75 to yield 10.351% on May 14, 2012
|
| Fungibility: | New add-on notes will be immediately fungible with the outstanding notes
|
| Total issue size: | $440 million
|
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