Published on 11/8/2010 in the Prospect News High Yield Daily.
New Issue: Affinion prices $475 million 7 7/8% eight-year notes to yield 8%
By Paul A. Harris
St. Louis, Nov. 8 - Affinion Group, Inc. priced a $475 million issue of 7 7/8% eight-year senior notes (B3/B-/) at 99.255 to yield 8% on Monday, according to an informed source.
The yield printed at the wide end of the 7¾% to 8% price talk.
Deutsche Bank Securities Inc. and Bank of America Merrill Lynch were the joint bookrunners for the quick-to-market sale.
The Stamford, Conn.-based marketing services and customer loyalty company will use the proceeds to redeem its notes maturing in 2013.
Issuer: | Affinion Group, Inc.
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Face amount: | $475 million
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Proceeds: | $471.46 million (approximate)
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Maturity: | Dec. 15, 2018
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Securities: | Senior notes
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Bookrunners: | Deutsche Bank Securities Inc., Bank of America Merrill Lynch
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Coupon: | 7 7/8%
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Price: | 99.255
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Yield: | 8%
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Spread: | 595 bps
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Call features: | Callable on Dec. 15, 2014 at 103.938, 101.969, par on and after Dec. 15, 2016
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Equity clawback: | 35% at 107.875 until Dec. 15, 2013
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Ratings: | Moody's: B3
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| Standard & Poor's: B-
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Distribution: | Rule 144A with registration rights and Regulation S
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Trade date: | Nov. 8
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Price talk: | 7¾% to 8%
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Marketing: | Quick to market
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