By Paul A. Harris
Portland, Ore., Sept.19 – Service King priced a $200 million issue of eight-year senior notes (Caa1/CCC+) at par to yield 7 7/8% on Friday, according to a market source.
The yield printed at the tight end of yield talk that had been set in the 8% area.
J.P. Morgan Securities LLC, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Macquarie Capital were the joint bookrunners.
Proceeds will be used to help fund Blackstone’s acquisition of a 55% stake in Service King from the Carlyle Group.
The issuing entity is special-purpose vehicle Midas Intermediate Holdco II LLC/Finance Corp.
Service King is a Dallas-based operator of a chain of collision repair shops.
| Issuer: | Midas Intermediate Holdco II LLC/Finance Inc. (Service King)
|
| Amount: | $200 million
|
| Maturity: | Oct. 1, 2022
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Macquarie (joint)
|
| Coupon: | 7 7/8%
|
| Price: | Par
|
| Yield: | 7 7/8%
|
| Spread: | 545 bps
|
| First call: | Oct. 1, 2017 at 103.938
|
| Equity clawback: | For 40% at 107.875 until Oct. 1, 2017
|
| Trade date: | Sept. 19
|
| Settlement date: | Sept. 24
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8% 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.
