DirectBuy talks $325 million six-year secured notes with 12% coupon at 97 to yield 12¾%

By Paul A. Harris

Portland Ore., Jan. 21 - DirectBuy talked its $325 million offering of six-year senior secured second-lien notes (B2/B) with a 12% coupon, at an issue price of about 97, to yield 12¾%, market sources said on Friday.

Pricing of the transaction, which has been sidelined since the roadshow concluded during the Jan. 10 week, hinged on pending documentation and was expected to take place late Friday or on Monday.

No terms were available at press time on Friday.

J.P. Morgan Securities LLC has the books.

The notes come with three years of call protection.

Proceeds will be used to refinance debt.

DirectBuy is a Merrillville, Ind.-based members-only showroom and home design center that offers merchandise at manufacturer-direct prices.

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