By Paul A. Harris
St. Louis, April 6 - Vicorp Restaurants Inc. priced a downsized $126.53 million issue of seven-year senior notes (B3/B) Tuesday at 98.791 with a 10½% coupon to yield 10¾%, according to a market source.
Price talk was in the area of 10%.
JP Morgan and CIBC World Markets were joint bookrunners on the Rule 144A issue.
Proceeds will be used to repay debt. The company canceled its plans to use proceeds from the sale to fund a dividend payment, according to the source.
The issuer is a Denver-based owner-operator of Village Inn and Bakers Square restaurants.
| Issuer: | Vicorp Restaurants Inc.
|
| Amount: | $126.53 million, decreased from $150 million
|
| Maturity: | April 15, 2011
|
| Security description: | Senior notes
|
| Bookrunners: | JP Morgan, CIBC World Markets
|
| Coupon: | 10½%
|
| Price: | 98.791
|
| Yield: | 10¾%
|
| Spread: | 686 basis points
|
| Call: | Treasuries plus 50 basis points make-whole call until April 15, 2008, then at 105.25
|
| Pricing date: | April 6
|
| Settlement date: | April 14
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Price talk: | 10% area
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
