By Paul A. Harris
St. Louis, Dec. 3 - Haights Cross Operating Co. priced an upsized $30 million add-on to its 11¾% senior notes due Aug. 15, 2011 (Caa1/CCC) at 110.50 on Friday resulting in a 9.323% yield to worst, according to market sources.
Bear Stearns & Co. ran the books for the Rule 144A add-on.
Proceeds will be used to fund future acquisitions and for other general corporate purposes.
The company upsized the add-on from $20 million.
The original $140 million issue priced at par on Aug. 7, 2003.
Haights Cross is a White Plains, N.Y.-based educational and library publisher.
| Issuer: | Haights Cross Operating Co.
|
| Amount: | $30 million (increased from $20 million)
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| Maturity: | Aug. 15, 2011
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| Security description: | Add-on to its 11¾% senior notes
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| Bookrunner: | Bear Stearns & Co.
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| Coupon: | 11¾%
|
| Price: | 110.50
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| Yield to worst: | 9.323%
|
| Spread: | 548 basis points
|
| Call features: | Callable after Aug. 15, 2008 at 105.875, 102.938, par on Aug. 15, 2010 and thereafter
|
| Equity clawback: | Until Aug. 15, 2006 for 35% at 111.75
|
| Trade date: | Dec. 2
|
| Settlement date: | Dec. 10 with accrued interest
|
| Ratings: | Moody's: Caa1
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| Standard & Poor's: CCC
|
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