By Paul A. Harris
Portland, Ore., Feb. 4 – Victra priced an upsized $660 million issue of five-year senior secured notes (B2/B/B+) at par to yield 7¾% on Thursday, according to market sources.
The notes were sold via LSF9 Atlantis Holdings, LLC and Victra Finance Corp.
The issue size increased from $635 million.
The yield printed on top of revised yield talk. Earlier talk was 7¾% to 8%. Initial talk was in the 8% area.
UBS Securities LLC is the left lead bookrunner. Truist Securities Inc. is a joint bookrunner.
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.
| Issuers: | LSF9 Atlantis Holdings, LLC and Victra Finance Corp.
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| Amount: | $660 million, increased from $635 million
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| Maturity: | Feb. 15, 2026
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| Securities: | Senior secured notes
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| Left lead bookrunner: | UBS Securities LLC
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| Joint bookrunner: | Truist Securities Inc.
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| Coupon: | 7¾%
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| Price: | Par
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| Yield: | 7¾%
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| First call: | Make-whole call at Treasuries plus 50 bps until Feb. 15, 2023, then callable at 103.875
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| Special call: | 10% of notes callable annually at 103 during non-call period
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| Equity clawback: | 40% at 107.75 until Feb. 15, 2023
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| Trade date: | Feb. 4
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| Settlement date: | Feb. 19
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| Ratings: | Moody's: B2
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| S&P: B
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| Fitch: B+
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 7¾%, revised from 7¾% to 8%
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| Marketing: | Roadshow
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