By Paul A. Harris
St. Louis, Sept. 30 - Affinion Group Holdings, Inc. priced a $325 million issue of 11 5/8% five-year senior notes (Caal/B-/) at 98.55 to yield 12% on Thursday, according to market sources.
The yield printed on top of price talk.
Deutsche Bank Securities Inc., Bank of America Merrill Lynch and Credit Suisse Securities are the joint bookrunners for the Rule 144A and Regulation S offering.
Proceeds, together with cash distributions from Affinion Group, Inc., will be used to repay the holding company's senior unsecured term loan and for general corporate purposes.
The issuer is the parent of Affinion Group, a Stamford, Conn.-based provider of marketing services and customer loyalty programs.
| Issuer: | Affinion Group Holdings, Inc.
|
| Face amount: | $325 million
|
| Proceeds: | $320,288,000 (approximate)
|
| Maturity: | Nov. 15, 2015
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities Inc., Bank of America Merrill Lynch, Credit Suisse Securities
|
| Coupon: | 11 5/8%
|
| Price: | 98.55
|
| Yield: | 12%
|
| Spread: | 1,077 bps
|
| Call protection: | Two years
|
| Trade date: | Sept. 30
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 12% area
|
| Marketing: | Roadshow
|
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