By Paul A. Harris
St. Louis, Feb. 6 - Affinity Group Holding Inc. priced an upsized $200 million offering of eight-year senior subordinated notes (B3/B-) Friday at par to yield 9%, a market source said.
Price talk was in the area of 8¾%.
CIBC World Markets ran the books on the Rule 144A issue.
Proceeds will be used to repay debt and pay a one-time dividend to the sole shareholder.
The issuer is a Ventura, Calif.-based provider of products for outdoor and recreational vehicles.
The issue was upsized from $190 million.
| Issuer: | Affinity Group Holding Inc.
|
| Amount: | $200 million (increased from $190 million)
|
| Maturity: | Feb. 15, 2012
|
| Security description: | Senior subordinated notes
|
| Bookrunner: | CIBC World Markets
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield: | 9%
|
| Spread: | 515 basis points
|
| Call features: | Callable after Feb. 15, 2008 at 104.50, 102.25, par on Feb. 15, 2010 and thereafter
|
| Equity clawback: | Until Feb. 15, 2007 for 35% at 109.0
|
| Pricing date: | Feb. 6
|
| Settlement date: | Feb. 18
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Price talk: | 8¾% area
|
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