By Paul A. Harris
Portland, Ore., Oct. 6 – Alliance One International, Inc. priced a $275 million issue of 8½% 4.5-year senior secured first-lien notes (B1/CCC+) at 99.085 to yield 8¾% on Thursday, according to market sources.
The yield printed at the tight end of the 8¾% to 9% yield talk. Early guidance was in the 9% area.
Deutsche Bank Securities Inc. ran the books.
The Morrisville, N.C.-based leaf tobacco merchant plans to use a portion of the proceeds to pay off its revolver, with remaining proceeds to be used for general corporate purposes.
| Issuer: | Alliance One International, Inc.
|
| Amount: | $275 million
|
| Maturity: | April 15, 2021
|
| Securities: | Senior secured first-lien notes
|
| Bookrunner: | Deutsche Bank Securities Inc.
|
| Coupon: | 8½%
|
| Price: | 99.085
|
| Yield: | 8¾%
|
| Call protection: | Two years
|
| Trade date: | Oct. 6
|
| Settlement date: | Oct. 14
|
| Ratings: | Moody's: B1
|
| S&P: CCC+
|
| Distribution: | Rule 144A for life and Regulation S
|
| Price talk: | 8¾% to 9%
|
| Marketing: | Roadshow
|
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