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99 Cents Only Stores talks $325 million five-year notes at 7¾% area; pricing Wednesday
By Paul A. Harris
Portland, Ore., Dec. 16 – 99 Cents Only Stores LLC talked its $325 million offering of five-year senior secured notes (Caa1/B-) to yield in the 7¾% area, according to market sources.
Official talk comes tight to the 7¾% to 8% initial guidance.
Books close at 2 p.m. ET on Wednesday, and the deal is set to price thereafter.
Jefferies LLC, RBC Capital Markets Corp, Citizens Capital Markets Inc., UBS Securities LLC and MUFG are the joint bookrunners.
The Rule 144A and Regulation S for life notes come with two years of call protection. A special call provision enables the issuer to redeem 10% of the notes annually at 103 during the non-call period.
The notes will be issued by 99 Escrow Issuer, Inc., which is to be merged with and into 99 Cents Only Stores.
The Commerce, Calif.-based price-point retail chain plans to use the proceeds, along with a concurrent preferred equity raise, to partially refinance its existing capital structure.
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