New Issue: Broder Brothers prices $50 million add-on to 11¼% notes at 103 for 10.51% YTW

By Paul A. Harris

St. Louis, Nov. 18 - Broder Brothers priced a $50 million add-on to its 11¼% senior notes due Oct. 15, 2010 (B3/B-) at 103 on Thursday, resulting in a 10.51% yield to worst and a 10.61% yield to maturity, according to an informed source.

Price talk was 102-103.

UBS Investment Bank ran the books for the Rule 144A add-on.

Proceeds will be used to repay bank debt.

The issuer is a Plymouth, Mich.-based distributor of imprintable sportswear and accessories.

Issuer: Broder Brothers

Amount:	$50 million
Security description:	Add-on to 11¼% senior notes due Oct. 15, 2010
Bookrunner:	UBS Investment Bank
Maturity:	Oct. 15, 2010
Coupon:	11¼%
Price:	103
Yield to worst:	10.51%
Yield to maturity:	10.61%
Spread to worst:	703 basis points
Call protection:	Until Oct. 15, 2007
Equity clawback:	Until Oct. 15, 2006 for 35% at 111.25
Settlement date:	Nov. 23 flat
Ratings:	Moody's: B3
	Standard & Poor's: B-
Price talk:	102-103

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