By Paul A. Harris
Portland, Ore., Jan. 24 – Airxcel, Inc. priced an upsized $310 million issue of five-year senior secured notes (B2/B) at par to yield 8½% on Tuesday, according to an informed source.
The issue size was increased from $300 million.
The yield printed at the tight end of the 8½% to 8¾% yield talk.
Jefferies LLC was the left bookrunner. Deutsche Bank Securities Inc. was the joint bookrunner.
The Cordele, Ga.-based company plans to use the proceeds to refinance debt and fund a distribution.
Airxcel is a designer and producer of heating, ventilating, air conditioning and appliance products serving specialty markets, including recreational vehicles.
| Issuer: | Airxcel, Inc.
|
| Amount: | $310 million, increased from $300 million
|
| Maturity: | Feb. 15, 2022
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Jefferies LLC
|
| Joint bookrunner: | Deutsche Bank Securities Inc.
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| Call: | Make-whole at Treasuries plus 50 bps until to Feb. 15, 2019, then callable at 104.25
|
| Special call: | Issuer may redeem 10% of the notes annually at 103 during the non-call period
|
| Equity clawback: | 40% at 108.5 until Feb. 15, 2019
|
| Trade date: | Jan. 24
|
| Settlement date: | Feb. 2
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8½% to 8¾%
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
