By Paul A. Harris
St. Louis, Aug. 16 - Intcomex Inc. priced a downsized $120 million issue of 5.5-year second-priority senior secured notes (Caa1/B-) at 99.057 with an 11¾% coupon to yield 12%, according to a syndicate source.
The yield came wide of the 11¼% area price talk.
Banc of America Securities LLC ran the books for the Rule 144A/Regulation S issue, which has registration rights.
Proceeds will be used to repay debt, to pay a dividend to shareholders and for general corporate purposes.
The issuer is a value-added distributor of information technology products to Latin America and the Caribbean. The company has headquarters in Miami, Fla.
| Issuer: | Intcomex Inc.
|
| Amount: | $120 million (decreased from $130 million)
|
| Maturity: | Jan. 1, 2011
|
| Security description: | Second-priority senior secured notes
|
| Bookrunner: | Banc of America Securities LLC
|
| Co-managers: | UBS Investment Bank, Comerica
|
| Coupon: | 11¾%
|
| Price: | 99.057
|
| Yield: | 12%
|
| Spread: | 792 basis points
|
| Call: | Callable on and after Jan. 15, 2007 at 106.0
|
| Equity clawback: | Until Jan. 15, 2007 for 35% at 111.75
|
| Trade date: | Aug. 16
|
| Settlement date: | Aug. 25
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Price talk: | 11¼% area
|
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