Panavision downsizes notes to $250 million, restructures, issues talk, set to price Thursday

By Paul A. Harris

St. Louis, August 6 - Panavision Inc. downsized and restructured its offering of $250 million of five-year senior secured first lien notes (B3/B-) on Wednesday, according to an informed source.

Originally announced as a single $275 million fixed-rate tranche, the Panavision deal will now be comprised of two tranches: $175-$200 million of fixed-rate notes talked at 11¼%-11½% and $50-$75 million of floating-rate notes talked at Libor plus 800 basis points area.

Both tranches are expected to price Thursday afternoon.

The notes are non-callable for three years.

Credit Suisse First Boston and Bear Stearns & Co. are joint bookrunners on the Rule 144A deal.

Proceeds will be used to repay debt.

The company is based in Woodland Hills, Calif.

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