By Paul A. Harris
Portland, Ore., Jan. 26 – Savers Value Village, Inc. priced an upsized $550 million issue of 9¾% senior secured notes due April 26, 2027 (B2/B) at 97.986 to yield 10¼% on Thursday, according to a syndicate source.
The yield printed at the tight end of the 10¼% to 10½% yield talk. The issue price came in line with price talk that specified approximately 2 points of OID.
Jefferies LLC, J.P. Morgan Securities LLC and KKR Capital Markets LLC were the bookrunners.
The co-issuers are Evergreen AcqCo 1 LP and TVI, Inc., both subsidiaries of Savers Value Village.
The Bellevue, Wash.-based thrift store operator plans to use the proceeds to repay a portion of its term loan and fund a distribution to its shareholders. The incremental proceeds resulting from the $50 million upsize of the deal will be used to increase the distribution by $35 million, with the remainder to be used for general corporate purposes.
| Issuers: | Evergreen AcqCo 1 LP, and TVI, Inc.
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| Amount: | $550 million, increased from $500 million
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| Issue: | Senior secured notes
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| Maturity: | April 26, 2027
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| Bookrunners: | Jefferies LLC, J.P. Morgan Securities LLC and KKR Capital Markets LLC
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| Coupon: | 9¾%
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| Price: | 97.986
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| Yield: | 10¼%
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| First call: | Feb. 15, 2025 at 104.875
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| Trade date: | Jan. 26
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| Settlement date: | Feb. 6
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| Ratings: | Moody's: B2
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| S&P: B
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 10% to 10¼% with approximately 2 points OID
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| Marketing: | Roadshow
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