By Paul A. Harris
Portland, Ore., Sept. 22 – World Acceptance Corp. priced a $300 million issue of five-year senior notes (B3/B) at par to yield 7% on Wednesday, according to market sources.
The yield printed in the middle of yield talk in the 7% area. Initial guidance was in the high-6% to low-7% area.
Wells Fargo Securities LLC was the left bookrunner. Keefe Bruyette & Woods Inc. was a joint bookrunner.
The Greenville, S.C.-based consumer finance company plans to use the proceeds to pay down its ABL revolver due 2024.
| Issuer: | World Acceptance Corp.
|
| Amount: | $300 million
|
| Maturity: | Nov. 1, 2026
|
| Securities: | Senior notes
|
| Left bookrunner: | Wells Fargo Securities LLC
|
| Joint bookrunner: | Keefe Bruyette & Woods Inc.
|
| Co-manager: | BMO Capital Markets Corp.
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Spread: | 616 bps
|
| First call: | Nov. 1, 2023 at 103.5
|
| Trade date: | Sept. 22
|
| Settlement date: | Sept. 27
|
| Ratings: | Moody's: B3
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 7% area
|
| Marketing: | Roadshow
|
|
|
|
|
© 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.
