By Paul A. Harris
Portland, Ore., Jan. 24 - DirectBuy priced a $335 million issue of 12% six-year senior second-lien notes (B2/B/) at 97 to yield 12.721% on Friday, according to a market source.
The deal priced in line with price talk that specified a 12% coupon at an issue price of 97 to yield 12¾%.
J.P. Morgan Securities LLC ran the books.
Proceeds will be used to refinance debt.
DirectBuy Holdings Inc. is a Merrillville, Ind.-based members-only showroom and home design center that offers merchandise at manufacturer-direct prices.
| Issuer: | DirectBuy
|
| Amount: | $335 million
|
| Maturity: | Feb. 1, 2017
|
| Securities: | Senior secured second-lien notes
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Coupon: | 12%
|
| Price: | 97.00
|
| Yield: | 12.721%
|
| Spread: | 968 bps
|
| Call protection: | Three years
|
| Trade date: | Jan. 21
|
| Settlement date: | Jan. 26
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A
|
| Price talk: | 12% at 97 to yield 12¾%
|
| Marketing: | Roadshow
|
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