By Michelle Anderson
Rochester, N.H., March 2 - Alliance One International, Inc. priced $150 million 8½% five-year senior notes (B2/B) at 99.507 to yield 8 5/8% on Friday, according to an informed source.
The yield was printed at the wide end of the 8½% area price talk.
Wachovia Securities was the left bookrunner for the Rule 144A and Regulation S with registration rights issue. Deutsche Bank Securities was the joint bookrunner. ING was the joint lead manager.
Proceeds will be used to repay bank debt.
The issuer is a Morrisville, N.C.-based leaf tobacco merchant.
| Issuer: | Alliance One International, Inc.
|
| Amount: | $150 million
|
| Maturity: | May 15, 2012
|
| Security description: | Senior notes
|
| Bookrunners: | Wachovia Securities, Deutsche Bank Securities
|
| Joint lead manager: | ING
|
| Coupon: | 8½%
|
| Price: | 99.507
|
| Yield: | 8 5/8%
|
| Spread: | 416 basis points
|
| Call features: | Make-whole call at Treasuries plus 50 bps
|
| Change-of-control put: | 101
|
| Equity clawback: | 35% at 108.50%
|
| Trade date: | March 2
|
| Settlement date: | March 7
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 8½% area
|
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