By Paul A. Harris
Portland, Ore., May 29 – Tops Holding LLC and Tops Markets II Corp. priced an upsized $560 million issue of seven-year senior secured notes (B3/B) at par to yield 8% on Friday, according to market sources.
The deal was upsized from $550 million.
The yield printed on top of yield talk.
BofA Merrill Lynch and Wells Fargo Securities LLC were the joint bookrunners.
The Williamsville, N.Y.-based supermarket retailer plans to use the proceeds, together with cash on hand and a draw on its asset-based revolver, to repurchase any and all of the $460 million of its outstanding senior secured notes due 2017 and up to $50 million of Tops Holding II Corp.’s senior notes due 2018.
| Issuers: | Tops Holding LLC and Tops Markets II Corp.
|
| Amount: | $560 million, increased from $550 million
|
| Maturity: | June 15, 2022
|
| Securities: | Senior secured notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunner: | Wells Fargo Securities LLC
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Spread: | 613 bps
|
| First call: | June 15, 2018 at 106
|
| Trade date: | May 29
|
| Settlement date: | June 10
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8% area
|
| Marketing: | Roadshow
|
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