Spencer Gifts starts roadshow for $150 million six-year secured notes

By Paul A. Harris

St. Louis, Nov. 12 - Spencer Gifts LLC began a roadshow on Friday for its $150 million offering of six-year senior secured notes, according to an informed source.

The notes, which will be jointly issued by Spencer Gifts, Spencer Spirit Holdings, Inc. and Spirit Halloween Superstores LLC, are expected to price late in the week ahead.

Wells Fargo Securities and UBS Investment Bank are the joint bookrunners for the Rule 144A for life deal.

The notes come with three years of call protection. However, a special call provision would allow the issuer to redeem 10% of the notes annually at 103 during the non-call period.

Credit ratings remain to be determined.

The Easton, Pa.-based specialty retailer will use the proceeds to repay debt and to make a distribution to its shareholders.

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