New Issue: TitleMax prices upsized $140 million tap of 8½% notes at 105.75 to yield 6.963%

By Paul A. Harris

Portland, Ore., April 10 - TitleMax Finance Corp. issuing via its TMX Finance LLC unit priced an upsized $140 million add-on to its 8½% senior secured notes due Sept. 15, 2018 (B3/B) at 105.75 to yield 6.963% on Thursday, according to an informed source.

The deal was increased from $125 million.

The yield printed at the rich end of the 105.5 to 105.75 yield talk.

Jefferies LLC and Morgan Stanley & Co. were the joint bookrunners.

The Savannah, Ga.-based auto title lending company plans to use the proceeds for general corporate purposes.

Issuer:	TMX Finance LLC (TitleMax Finance Corp.)
Face amount:	$140 million, increased from $125 million
Proceeds:	$148 million
Maturity:	Sept. 15, 2018
Security description:	Add-on to 8½% senior secured notes due Sept. 15, 2018
Bookrunners:	Jefferies LLC, Morgan Stanley & Co.
Coupon:	8½%
Price:	105.75
Yield to maturity:	6.963%
First call:	Sept. 15, 2015 at 106.375
Equity clawback:	For 35% at 108.5 until Sept. 15, 2015
Investor put:	101% upon change of control
Trade date:	April 10
Settlement date:	April 15 with accrued interest
Ratings:	Moody's: B3
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S for life
Price talk:	105.5 to 105.75
Marketing:	Quick to market
Original issue:	$525 million issue priced at par on July 17, 2013
Total issue size:	$665 million

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