By Paul A. Harris
Portland, Ore., Sept. 20 - Baker & Taylor Acquisitions Corp. priced a downsized $145,375,000 million issue of five-year senior secured notes (B3/CCC) at par to yield 15% on Thursday, according to an informed source.
The yield printed on top of yield talk.
The deal was reduced from $150 million, and the company's last-out ABL tranche was upsized by $4,625,000 to $49,625,000.
Jefferies & Co. ran the books.
Timing on the deal was moved ahead. When announced, the deal was expected to be in the market into the early part of next week.
Proceeds will be used to refinance debt.
The issuer is a Charlotte, N.C.-based distributor of physical and digital books as well as a provider of value-added services to the library and education, and retail sectors.
Issuer Baker & Taylor Acquisitions Corp.
| Amount: | $145,375,000, decreased from $150 million
|
| Maturity: | April 1, 2017
|
| Securities: | Senior secured second lien notes
|
| Bookrunner: | Jefferies & Co.
|
| Coupon: | 15%
|
| Price: | Par
|
| Yield: | 15%
|
| Call features: | Make-whole at Treasuries plus 50 bps until Oct. 1, 2014, then callable at 107.5, 103.75, par on and after Oct. 1, 2016
|
| Equity clawback: | 35% at 115.0 until Oct. 1, 2014
|
| Investor put: | 101% upon change of control
|
| Trade date: | Sept. 20
|
| Settlement date: | Sept. 28
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: CCC
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 15%
|
| Marketing: | Quick-to-market
|
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