By Paul A. Harris
Portland, Ore., May 6 – Constellis Group priced a $450 million issue of 9¾% five-year senior secured notes (B3/B) at 99.513 to yield 9 7/8% on Wednesday, according to an informed source.
The yield printed on top of yield talk. The reoffer price came at the rich end of price talk that specified 0.5 point to 1 point of original issue discount.
Jefferies LLC was the bookrunner.
Proceeds will be used to fund the acquisition of Olive Group, as well as to refinance debt and fund a distribution to shareholders.
Constellis is a vertically integrated risk management solutions and program management support provider to governments and commercial customers worldwide specializing in integrated security, technical, training, and risk assessment solutions.
The company is based in Reston, Va.
| Issuers: | Constellis Holdings, LLC and Constellis Finance Corp.
|
| Face amount: | $450 million
|
| Proceeds: | $448 million
|
| Maturity: | May 15, 2020
|
| Securities: | Senior secured notes
|
| Bookrunner: | Jefferies LLC
|
| Coupon: | 9¾%
|
| Price: | 99.513
|
| Yield: | 9 7/8%
|
| First call: | May 15, 2017 at 107.313
|
| Trade date: | May 6
|
| Settlement date: | May 11
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 9 7/8% yield, including 0.5 point to 1 point OID
|
| Marketing: | Quick to market
|
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