Victra upsizes to $660 million, tightens talk on five-year secured notes to 7¾%; pricing Thursday

By Paul A. Harris

Portland, Ore., Feb. 3 – Victra Finance Corp. upsized its offering of five-year senior secured notes (B2/B/B+) to $660 million from $635 million and set revised talk at 7¾% on Wednesday, according to an informed source.

The deal is set to price Thursday morning.

Talk was revised from earlier yield talk of 7¾% to 8%. Initial talk was in the 8% area.

UBS Securities LLC is the left lead bookrunner. Truist Securities Inc. is the joint bookrunner.

The Rule 144A and Regulation S for life notes become callable after two years at par plus 50% of the coupon. They feature a two-year 40% equity clawback and a 101% poison put.

The co-issuer is LSF9 Atlantis Holdings, LLC, which does business as Victra.

The Raleigh, N.C.-based retailer of wireless products and services plans to use the proceeds to pay off its term loan, as well as to pay a dividend to its stockholders, and for general corporate purposes. The additional proceeds resulting from the $25 million upsizing of the deal will be used to increase the size of the shareholder dividend.

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