New Issue: Cooperative Computing downsizes eight-year notes to $157 million, yield 10¾%

By Paul A. Harris

St. Louis, June 13 - Cooperative Computing, Inc. priced a downsized offering of $157 million 10½% senior notes due June 15, 2011 (B2/B+) Friday at 98.692 to yield 10¾%, according to market sources.

JP Morgan was the bookrunner for the Rule 144A sale. The deal was reduced from $175 million.

Proceeds will be used to repurchase shares and repay debt.

The issuer is an Austin, Texas provider of enterprise systems and information services for automotive aftermarket.

Issuer:	Cooperative Computing, Inc.
Amount:	$157 million (decreased from $175 million)
Maturity:	June 15, 2011
Security description:	Senior notes
Bookrunner:	JP Morgan
Coupon:	10½%
Price:	98.692
Yield:	10¾%
Spread:	786 basis points
Call features:	Callable on June 15, 2007 at 105.25, then at 102.625, declining to par on June 15, 2009 and thereafter
Equity clawback:	Until June 15, 2006 for 35% at 110.50
Ratings:	Moody's: B2
	Standard & Poor's: B+
Settlement date:	June 27, 2003
Price talk:	10¾%-11%

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.