By Paul A. Harris
St. Louis, June 17 - Viskase Cos. Inc. priced a restructured $90 million offering of 11½% seven-year senior secured notes (B2/B-) with warrants for common stock in the company, according to an informed source.
The notes priced at par on Thursday.
Price talk was 11½%.
Jefferies & Co. ran the books for the Rule 144A/Regulation S issue.
Proceeds will be used to refinance the company's 8% senior secured notes and to repay capital leases.
The issuer is a Willowbrook, Ill.-based manufacturer of food packaging, including casings for processed meat products.
The company was originally in the market with a stand-alone offering of notes. The warrants were added in a subsequent restructuring of the deal.
| Issuer: | Viskase Cos. Inc.
|
| Amount: | $90 million
|
| Maturity: | June 15, 2011
|
| Security description: | Units consisting of senior secured notes and warrants to purchase issuer's common stock
|
| Bookrunner: | Jefferies & Co.
|
| Coupon: | 11½%
|
| Price: | Par
|
| Yield: | 11½%
|
| Call features: | Make-whole call at Treasuries plus 50 basis points until June 15, 2008, then at 105.75, 102.875, par on or after June 15, 2010
|
| Equity clawback: | 35% at 111.50 before June 15, 2007
|
| Pricing date: | June 17
|
| Settlement date: | June 29
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B-
|
| Price talk: | 11½%
|
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