Yankee Candle cuts two-part note offer to $475 million from $525 million

By Paul A. Harris and Sara Rosenberg

St. Louis, Jan. 31 - The Yankee Candle Co. Inc. downsized to $475 million from $525 million its two-part offering of notes (B3/CCC+) on Wednesday, according to a market source.

Meanwhile the company upsized its credit facility to $700 million from $650 million.

The South Deerfield, Mass., scented candle company talked a $275 million tranche of eight-year senior unsecured notes at the 8 5/8% area and a $200 million tranche of 10-year senior subordinated notes at the 9 7/8% area.

Both tranches were downsized by $25 million.

Pricing is set for Thursday.

Lehman Brothers and Merrill Lynch & Co. are joint bookrunners for the Rule 144A offering.

Proceeds, along with $433.3 million of equity financing, will be used to help fund the leveraged buyout of the company by Madison Dearborn Partners, LLC.

© 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.