Price chatter 10% yield on Trader's $275 million notes due 2018

By Cristal Cody

Prospect News, July 15 - Price chatter is around 10% on Trader Corp.'s planned $275 million offering of senior secured notes due 2018, according to a market source.

The company started a roadshow on Tuesday for the offering of the seven-year notes (B3/B).

Pricing is expected late in the week of July 18.

RBC Capital Markets is the bookrunner.

The Rule 144A and Regulation S for life notes have three years of call protection. A special call provision enables the issuer to redeem 10% of the issue annually at 103 during the non-call period.

The notes include a three-year 35% equity clawback and a 101% poison put.

Proceeds will be used to fund the acquisition of the company by Apax Partners.

Etobicoke, Ont.-based Trader is a print and online media publisher in the automotive, real estate, merchandise and employment sectors.

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