By Paul Deckelman
New York, June 23 - Baker & Taylor Inc. priced a sharply downsized $165 million offering of eight-year senior notes at par to yield 11½% Friday, junk market primary sources said Friday.
The Charlotte, N.C.-based specialty book and media distribution company's deal was well down from the originally envisioned $200 million.
The 11½% yield was at the wide end of pre-deal market price talk of a yield between 11¼% and 11½%. The bonds priced at a spread of 628 basis points over the comparable Treasury issue.
The Rule 144A for life notes will be non-callable for the first four years.
The notes came to market via joint book-running managers Credit Suisse and Goldman Sachs, as well as co-manager UBS Investment Bank. They were pitched to potential investors by a roadshow that began on June 12 and which ran through the end of the following week.
Proceeds from the deal are slated to be used to fund the acquisition of the company by Castle Harlan Inc.
| Issuer: | Baker & Taylor Inc.
|
| Issue: | Senior notes
|
| Amount: | $165 million
|
| Maturity: | 2014
|
| Coupon: | 11½%
|
| Price: | Par
|
| Yield: | 11½%
|
| Spread: | 628 basis points
|
| Call: | Non-callable for four years
|
| Bookrunners: | Credit Suisse, Goldman Sachs
|
| Distribution: | Rule 144A for life
|
| Ratings: | Moody's: B3
|
| Standard & Poor's B-
|
| Price talk: | 11¼% to 11½%
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
