By Paul A. Harris
Portland, Ore., April 13 – Burlington Stores, Inc. priced a $300 million issue of five-year senior secured notes (Ba1/BB+/BB) at par to yield 6¼% in a Monday drive-by, according to market sources.
The yield printed at the tight end of the 6¼% to 6 3/8% final yield talk, which had been revised lower from the 6½% area.
The deal was heard to be playing to $3 billion of orders early Monday afternoon, a trader said.
The notes were priced via Burlington Coat Factory Warehouse Corp.
J.P. Morgan Securities LLC was the lead manager.
The Burlington, N.J.-based department store retailer which intends to use the proceeds for general corporate purposes.
| Issuer: | Burlington Coat Factory Warehouse Corp.
|
| Amount: | $300 million
|
| Maturity: | April 15, 2025
|
| Securities | Senior secured notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| Call protection: | Two years
|
| Trade date: | April 13
|
| Settlement date: | April 16
|
| Ratings: | Moody's: Ba1
|
| S&P: BB+
|
| Fitch BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6¼% to 6 3/8%, revised from 6½% area
|
| Marketing: | Drive-by
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
