Published on 11/20/2017 in the Prospect News High Yield Daily.
New Issue: Everi Payments sells $375 million eight-year notes at par to yield 7˝%
By Paul A. Harris
Portland, Ore., Nov. 20 – Everi Payments, Inc. priced a $375 million issue of eight-year senior notes (Caa1/CCC+) at par to yield 7˝% on Monday, according to an informed source.
The yield came on top of yield talk in the 7˝% area.
Jefferies LLC was the left bookrunner. Macquarie Capital (USA) Inc. was the joint bookrunner.
The Las Vegas-based provider of gaming technology plans to use the proceeds to refinance its 10% notes due 2022.
Issuer: | Everi Payments, Inc.
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Amount: | $375 million
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Maturity: | Dec. 15, 2025
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Securities: | Senior notes
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Left bookrunner: | Jefferies LLC
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Joint bookrunner: | Macquarie Capital (USA) Inc.
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Coupon: | 7˝%
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Price: | Par
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Yield: | 7˝%
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First call: | Make-whole call at Treasuries plus 50 bps until Dec. 15, 2020, then callable at 103.75
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Equity clawback: | 40% at 107.5 until Dec. 15, 2020
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Trade date: | Nov. 20
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Settlement date: | Dec. 5
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Ratings: | Moody’s: Caa1
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| S&P: CCC+
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 7˝% area
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Marketing: Roadshow
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