By Paul A. Harris
St. Louis, Mo., April 12 - Champion Home Builders Co. priced its offering of $150 million senior notes due April 15, 2007 (B2/B) at 99.066 Friday to yield 11½%, according to a syndicate source.
Price talk was 11½%.
Credit Suisse First Boston ran the books. Wachovia Securities was the co-manager.
The Rule 144A bullets are guaranteed on a senior basis by Champion's operating subsidiaries. Proceeds will be used to fund the acquisition of CIT Group's manufactured housing loan origination business, to repay debt and for general corporate purposes.
The Auburn Hills, Mich.-based company produces manufactured housing.
Issuer: Champion Home Builders Co.
Amount: $150 million
Maturity: April 15, 2007
Type: Senior notes
Bookrunner: Credit Suisse First Boston
Co-manager: Wachovia Securities
Coupon: 11¼%
Price: 99.066
Yield: 11½%
Price talk: 11½%
Spread: 684 basis points
Call features: Make-whole call at Treasury plus 50 basis points
Settlement date: April 22, 2002
| Ratings: | Moody's: B2
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| Standard & Poor's: B
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| Rule 144A CUSIP: | 158501AA4
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