Boyne USA starts roadshow for $400 million seven-year second-lien notes via Wells Fargo

By Paul A. Harris

Portland, Ore., March 23 – Boyne USA, Inc. started a roadshow on Friday in Los Angeles, holding one-on-one meetings with investors there, according to an informed source.

The company intends to place $400 million of seven-year senior secured second-lien notes (expected ratings B2/B) with qualified institutional investors.

Wells Fargo Securities LLC is the bookrunner for the Rule 144A and Regulation S for life offering.

The roadshow travels to New York on Monday and to Boston on Tuesday for one-on-one meetings with investors in those locations.

The deal will also be shopped by means of an investor conference call scheduled to get underway at 12:30 p.m. ET on Monday.

Pricing is expected on Tuesday.

The notes become callable after three years at par plus 50% of the coupon. A special call provision enables the issuer to redeem 10% of the notes annually at 103 during the non-call period.

The Boyne Falls, Mich.-based ski resort owner and operator plans to use the proceeds to purchase seven resort properties and personal property currently owned by Och-Ziff Real Estate but operated by Boyne and to repay debt.

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