TitleMax talks $500 million five-year notes to yield 8½% to 8¾%

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., July 17 - TMX Finance LLC and TitleMax Finance Corp. have set price talk for their proposed $500 million issue of five-year senior secured notes (B3/B+) at a yield of 8½% to 8¾%, according to an informed source.

Books close at noon ET on Wednesday, and pricing is expected shortly after.

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

The notes will be callable in two years at par plus 75% of the coupon.

The Savannah, Ga.-based auto title lending company plans to use proceeds to refinance debt.

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