By Paul A. Harris
Portland, Ore., June 16 – Raptor Acquisition Corp. and Raptor Co-Issuer LLC priced a $350 million issue of senior secured notes due Nov. 1, 2026 (B2/B+/BB+) at par to yield 4 7/8% on Wednesday, according to market sources.
The yield printed at the tight end of yield talk in the 5% area. Initial guidance was in the mid-5% area.
The notes, backing the buyout of Great Canadian Gaming by Apollo, traded to a smart premium on Wednesday afternoon, according to a trader, who had them at par 7/8 bid, 101 offered late in the day.
Shortly after the close another trader had them higher at 101 bid, 101½ offered.
Barclays was the lead bookrunner. Joint bookrunners were Deutsche Bank, Macquarie, BMO, Citizens, TD and Apollo.
Upon closing, Raptor will be merged with and into Great Canadian Gaming.
Proceeds will use to help fund the acquisition of the Toronto-based gaming, entertainment and hospitality company by Apollo Global Management Inc.
| Issuer: | Raptor Acquisition Corp and Raptor Co-Issuer LLC
|
| Amount: | $350 million
|
| Maturity: | Nov. 1, 2026
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Barclays
|
| Joint bookrunners: | Deutsche Bank, Macquarie, BMO, Citizens, TD and Apollo
|
| Coupon: | 4 7/8%
|
| Price: | Par
|
| Yield: | 4 7/8%
|
| Spread: | 399 bps
|
| First call: | Nov. 1, 2022 at 102.438
|
| Trade date: | June 16
|
| Settlement date: | June 30
|
| Ratings: | Moody's: B2
|
| S&P: B+
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5% area
|
| Marketing: | Roadshow
|
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