By Paul A. Harris
St. Louis, April 21 - Affinion Group priced a $355 million issue of 11½% 9.5-year senior subordinated notes (Caa1/B-) at 98.586 to yield 11¾% on Friday, according to market sources.
The yield came inside of the 12% area price talk.
The sale generated $349.98 million of proceeds.
Credit Suisse and Deutsche Bank were the bookrunners for the Rule 144A and Regulation S transaction. Banc of America Securities LLC and BNP Paribas were co-managers.
Proceeds will be used to repay the company's senior subordinated bridge facility.
The issuer is a Norwalk, Conn., direct marketer of membership, insurance and package enhancement products.
| Issuer: | Affinion Group
|
| Face amount: | $355 million
|
| Proceeds: | $349.98 million
|
| Maturity: | Oct. 15, 2015
|
| Security description: | Senior subordinated notes
|
| Bookrunners: | Credit Suisse, Deutsche Bank
|
| Co-managers: | Banc of America Securities LLC, BNP Paribas
|
| Coupon: | 11½%
|
| Price: | 98.586
|
| Yield: | 11¾%
|
| Spread: | 673 bps
|
| Call protection: | Callable on and after Oct. 15, 2010 at 105.75, 103.833, 101.917, par on and after Oct. 15, 2013
|
| Equity clawback: | Until Oct. 15, 2008 for 35% at 111.50
|
| Trade date: | April 21
|
| Settlement date: | April 26
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 12% area
|
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