By Paul A. Harris
Portland, Ore., June 3 - International Wire Group Holdings, Inc. priced a $100 million issue of senior PIK toggle notes due April 15, 2015 (Caa1/CCC+) at par to yield 11½% on Thursday, according to an informed source.
The notes pay a cash coupon of 11½% and a PIK coupon of 12¼%.
Wells Fargo Securities, LLC ran the books.
Proceeds will be used to make a special distribution to stockholders and option holders of $9.14 per share or option.
International Wire Group Inc. completed a holding company reorganization in connection with the notes offering. Following this reorganization, International Wire Group Inc.is a wholly owned subsidiary of International Wire Group Holdings.
In the reorganization, holders of International Wire common stock received one share of Holdings common stock for each share of International Wire common stock that they owned.
The issuer is a Camden, N.Y.-based manufacturer and marketer of wire products.
| Issuer: | International Wire Group Holdings, Inc.
|
| Amount: | $100 million
|
| Maturity: | April 15, 2015
|
| Securities: | Senior PIK toggle notes
|
| Bookrunner: | Wells Fargo Securities, LLC
|
| Cash coupon: | 11½%
|
| PIK coupon: | 12¼%
|
| Price: | Par
|
| Yield: | 11½%
|
| Call protection: | Make-whole call at Treasuries plus 50 bps until Oct. 15, 2011, the callable at 110
|
| Equity clawback: | 35% at 111.50 until May 31, 2014
|
| Change of control put: | 101%
|
| Change of control call: | 105% at issuer's option until Dec. 31, 2011 if the issuer experiences certain kinds of changes of control
|
| Trade date: | June 2
|
| Settlement date: | June 7
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A for life and Regulation S
|
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