By Angela McDaniels
Tacoma, Wash., July 20 – TFS Corp. priced $250 million of seven-year senior secured notes (expected ratings B2/B+/) with an 8¾% coupon in a quick-to-market Wednesday transaction.
J.P. Morgan Securities LLC is the bookrunner for the Rule 144A and Regulation S deal, according to a market source.
The notes come with three years of call protection.
The Nedlands, Australia-based sandalwood supplier plans to use the proceeds to redeem its $200 million 11% notes due 2018 and for general corporate purposes.
| Issuer: | TFS Corp.
|
| Issue: | Senior secured notes
|
| Amount: | $250 million
|
| Maturity: | August 2023
|
| Bookrunner: | J.P. Morgan Securities LLC
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| Coupon: | 8¾%
|
| Price: | Par
|
| Yield: | 8¾%
|
| Call: | Non-callable for three years
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| Pricing date: | July 20
|
| Settlement date: | July 27
|
| Distribution: | Rule 144A and Regulation S
|
| Expected ratings: | Moody’s: B2
|
| S&P: B+
|
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