New Issue: Couche-Tard upsized $350 million 10-year notes yield 7½%

By Paul A. Harris

St. Louis, Dec. 11 - Couche-Tard Inc. priced an upsized issue of $350 million 10-year senior subordinated notes (Ba3/B) Thursday at par to yield 7½%, a source said.

The offering, which matures Dec. 15, 2013, was increased from $340 million.

Price talk was 7½%-7¾%.

CIBC World Markets and Scotia Capital were bookrunners on the Rule 144A issue.

Couche-Tard plans to use proceeds to help fund the acquisition of the Circle K convenience store chain from Conoco Phillips.

The company is a convenience store chain operating in Canada and the upper United States.

Issuer:	Couche-Tard Inc.
Amount:	$350 million (increased from $340 million)
Maturity:	Dec. 15, 2013
Security description:	Senior subordinated notes
Bookrunners:	CIBC World Markets, Scotia Capital
Coupon:	7½%
Price:	Par
Yield:	7½%
Spread:	317 basis points
Call features:	Callable after Dec. 15, 2008 at 103.75, 102.50, 101.25, par on Dec. 15, 2011 and thereafter
Equity clawback:	Until Dec. 15, 2006 for 35% at 107.5
Settlement date:	Dec. 17, 2003
Ratings:	Moody's: Ba3
	Standard & Poor's: B
Price talk:	7½%-7¾%

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