By Paul A. Harris
St. Louis, May 18 - Unifi Inc. priced a downsized $190 million issue of eight-year senior secured notes (Caa1/CCC+) at par to yield 11½% on Thursday, according to a syndicate source.
The yield came 25 basis points beyond the wide end of the 11% to 11¼% price talk.
The issue was downsized from $225 million.
Lehman Brothers ran the books for the Rule 144A with registration rights issue. Banc of America Securities LLC was the joint lead manager.
In conjunction with the notes, Unifi also will amend and restate its existing senior secured asset-based revolving credit facility.
Proceeds, along with available cash on hand, will be used to fund the company's tender for its 6½% notes due 2008.
Unifi is a Greensboro, N.C.-based diversified producer and processor of multi-filament polyester and nylon textured yarns and related raw materials.
| Issuer: | Unifi Inc.
|
| Amount: | $190 million (decreased from $225 million)
|
| Maturity: | May 15, 2014
|
| Security description: | Senior secured notes
|
| Bookrunner: | Lehman Brothers
|
| Joint lead manager: | Banc of America Securities LLC
|
| Coupon: | 11½%
|
| Price: | Par
|
| Yield: | 11½%
|
| Spread: | 637 bps
|
| Call features: | Callable on and after May 15, 2010 at 105.75, 102.875, par on and after May 15, 2012
|
| Equity clawback: | Until May 15, 2009 for up to 35% at 111.50
|
| Trade date: | May 18
|
| Settlement date: | May 26
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A with registration rights
|
| Price talk: | 11%-11¼%
|
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