By Paul A. Harris
St. Louis, April 28 - Affinion Group priced a $34 million add-on to its 10 1/8% senior notes due Oct. 15, 2013 (B3/B-) at 103.50 on Friday, resulting in a 9.29% yield to worst, according to an informed source.
The sale generated $35.19 million of proceeds.
Credit Suisse and Deutsche Bank Securities were joint bookrunners for the Rule 144A add-on. Banc of America Securities LLC and BNP Paribas were co-managers.
Proceeds will be used to repay the company's bridge facility.
The original $270 million issue priced at 98.662 to yield 10 3/8% on Oct. 3, 2005. The total issue size following Friday's add-on is $304 million.
The issuer is a Norwalk, Conn.-based direct marketer of membership, insurance and package enhancement products.
| Issuer: | Affinion Group
|
| Face amount: | $34 million
|
| Proceeds: | $35.19
|
| Maturity: | Oct. 15, 2013
|
| Security description: | Add-on to the 10 1/8% senior notes
|
| Bookrunners: | Credit Suisse, Deutsche Bank
|
| Co-managers: | Banc of America Securities LLC, BNP Paribas
|
| Coupon: | 10 1/8%
|
| Price: | 103.50
|
| Yield to worst: | 9.29%
|
| Spread to worst: | 437 bps
|
| Call features: | Callable after Oct. 15, 2009 at 105.063, 102.531, par on and after Oct. 15, 2011
|
| Equity clawback: | Until Oct. 15, 2008 for 35% at 110.125
|
| Trade date: | April 28
|
| Settlement date: | May 3 with accrued interest
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A
|
| Original issue: | $270 million priced at 98.662 to yield 10 3/8% on Oct. 3, 2005
|
| Total issue size: | $304 million following April 28, 2006 add-on
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