DS Waters talks $475 million seven-year notes to yield 9¾%-10%

By Paul A. Harris

St. Louis, April 28 - DSW Holdings, Inc., a holding company for DS Waters of America, Inc., talked its $475 million offering of seven-year senior secured notes (B3/CCC+) to yield 9¾% to 10% on Wednesday, according to an informed source.

The books close at 11:30 a.m. ET on Thursday, with the notes expected to price thereafter.

Morgan Stanley & Co. Inc., J.P. Morgan Securities Inc. and Barclays Capital Inc. are the joint bookrunners for the notes, which will be marketed via Rule 144A, without registration rights. Jefferies & Co. is the co-manager.

The notes come with three years of call protection.

Proceeds, together with cash on hand, will be used to repay certain outstanding debt.

Atlanta-based DS Waters is a manufacturer and distributor of home, office and retail bottled water.

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