By Paul A. Harris
Portland, Ore., Aug. 13 – At Home Holding III Inc. priced an upsized $275 million issue of five-year senior secured notes (Caa1/B-) at par to yield 8¾% in a Thursday drive-by, according to market sources.
The issue size increased from $250 million.
The yield printed 12.5 basis points tighter than yield talk in the 9% area, which was also the initial talk.
Jefferies LLC, Guggenheim, BofA Securities Inc. and Wells Fargo Securities LLC were the joint bookrunners.
The Plano, Tex.-based home decor retail company plans to use the proceeds to refinance its first-lien term loan.
| Issuer: | At Home Holding III Inc.
|
| Amount: | $275 million, increased from $250 million
|
| Maturity: | Sept. 1, 2025
|
| Securities: | Senior secured notes
|
| Bookrunners: | Jefferies LLC, Guggenheim, BofA Securities Inc. and Wells Fargo Securities LLC
|
| Coupon: | 8¾%
|
| Price: | Par
|
| Yield: | 8¾%
|
| First call: | Sept. 1, 2022 at 104.375
|
| Equity clawback: | 40% at 108.75 until Sept. 1, 2022
|
| Trade date: | Aug. 13
|
| Settlement date: | Aug. 20
|
| Ratings: | Moody's: Caa1
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 9% 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.
