Bear Creek to price $245 million two-part note offering

By Paul A. Harris

St. Louis, Feb. 8 - Bear Creek Corp. will launch its two-part $245 million offering of notes (B3/B-) in a roadshow beginning late this week in Los Angeles, according to an informed source.

The Medford, Ore.-based operator of gift catalogs and web sites plans to offer $145 million of eight-year senior fixed-rate notes, which are non-callable for four years, and $100 million of seven-year floating-rate notes that are non-callable for two years.

A New York roadshow is set for early next week, with pricing to follow shortly thereafter.

UBS Investment Bank is the bookrunner for the Rule 144A offering. Banc of America Securities LLC is a joint lead manager. Calyon Securities is the co-manager.

The company will also put in place a $125 million revolving credit facility.

Proceeds will be used to fund an $83 million dividend to sponsor Wasserstein & Co., which acquired the company in 2004 for about $260 million, and also to repay debt.

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