New Issue: Empire Today prices upsized $150 million 11 3/8% six-year notes to yield 11 5/8%

By Paul A. Harris

St. Louis, Jan. 18 - Empire Today, LLC and Empire Today Finance Corp. priced an upsized $150 million issue of six-year senior secured notes (expected ratings B3/B/) at 98.941 to yield 11 5/8% on Tuesday, according to an informed source.

The yield printed at the tight end of the 11¾% area price talk.

Jefferies & Co. ran the books for the quick-to-market deal, which was upsized from $140 million.

The Northlake, Ill.-based flooring company will use the proceeds to repay existing debt.

Issuers:	Empire Today, LLC and Empire Today Finance Corp.
Face amount:	$150 million, increased from $140 million
Proceeds:	$148.4 million (approximate)
Maturity:	Feb. 1, 2017
Securities:	Senior secured notes
Bookrunner:	Jefferies & Co.
Coupon:	11 3/8%
Price:	98.941
Yield:	11 5/8%
Call features:	Make-whole call at Treasuries plus 50 bps until Feb. 1, 2014, then callable at 105.688, 102.844 par on and after Feb. 1, 2016
Equity clawback:	35% at 111.375 until Feb. 1, 2014
Change-of-control put:	101%
Expected ratings:	Moody's: B3
	Standard & Poor's: B
Pricing date:	Jan. 18
Distribution:	Rule 144A and Regulation S for life
Price talk:	11¾% area
Marketing:	Quick to market

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