By Paul A. Harris
St. Louis, Jan. 26 - Exopack Holding Corp. priced a downsized $220 million issue of eight-year senior notes (B2/B-) at par on Thursday to yield 11¼%, according to a market source.
The yield came wide of the 10 7/8% to 11 1/8% price talk.
Goldman Sachs & Co. ran the books for the issue, which was placed via Rule 144A with registration rights and via Regulation S.
Proceeds will be used to refinance existing debt related to the acquisition of the company by Sun Capital.
The issue was downsized from $235 million.
The issuer is a Boca Raton, Fla., flexible packaging company and provider of paper and plastic packaging solutions.
| Issuer: | Exopack Holding Corp.
|
| Amount: | $220 million (decreased from $235 million)
|
| Maturity: | Feb. 1, 2014
|
| Security description: | Senior notes
|
| Bookrunner: | Goldman Sachs & Co.
|
| Co-managers: | Lehman Brothers, Harris Nesbitt
|
| Coupon: | 11¼%
|
| Price: | Par
|
| Yield: | 11¼%
|
| Spread: | 672 basis points
|
| Call features: | Callable after Feb. 1, 2010 at 105.625, 102.813, par on and after Feb. 1, 2012
|
| Equity clawback: | Until Feb. 1, 2009 for 35% at 111.25
|
| Trade date: | Jan. 26
|
| Settlement date: | Jan. 31
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A with registration rights and Regulation S
|
| Price talk: | 10 7/8% to 11 1/8%
|
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