By Wendy Van Sickle
Columbus, Ohio, Aug. 30 – Stagwell Inc. closed an upsized $100 million add-on to its 5 5/8% eight-year senior notes (B3/B) on Monday, according to a news release.
The company priced an initial $1 billion of the notes on Aug. 12. It announced a $50 million add-on to the notes on Aug. 25 and later increased the amount to $100 million.
The notes were issued via Midas Opco Holdings LLC.
The New York-based marketing services provider plans to use the proceeds of the add-on to pay down its credit facility and for general corporate purposes.
| Issuer: | Midas Opco Holdings LLC
|
| Amount: | $100 million add-on
|
| Maturity: | Aug. 15, 2029
|
| Securities: | Senior notes
|
| Coupon: | 5 5/8%
|
| Call protection: | Three years
|
| Closing date: | Aug. 30
|
| Ratings: | Moody's: B3
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Original issue: | $1 billion priced on Aug. 12
|
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