Published on 5/9/2013 in the Prospect News High Yield Daily.
New Issue: Harron Entertainment prices $65 million add-on to 9 1/8% seven-year notes at 112.75
By Paul A. Harris
Portland, Ore., May 9 - Harron Entertainment, LP and Harron Finance Corp. priced a $65 million add-on to their 9 1/8% senior notes due April 1, 2020 (Caa1) at 112.75 to yield 5.735% on Thursday, according to an informed source.
SunTrust Robinson Humphrey Inc. was the bookrunner.
Proceeds will be used to fund a $25 million equity repurchase and to repay about $35 million of outstanding first-lien bank debt, comprised of term loan and revolver borrowings.
The issuer is a Frazer, Pa.-based provider of digital television, high-speed internet, digital phone and business services.
| Issuers: | Harron Entertainment, LP and Harron Finance Corp.
|
| Face amount: | $65 million
|
| Proceeds: | $73.3 million
|
| Maturity: | April 1, 2020
|
| Security description: | Add-on to 9 1/8% senior notes due April 1, 2020
|
| Bookrunner: | SunTrust Robinson Humphrey Inc.
|
| Coupon: | 9 1/8%
|
| Price: | 112.75
|
| Yield to worst: | 5.735%
|
| Call features: | Make-whole call at Treasuries plus 50 bps until April 1, 2016, then callable at 104.563, 102.281, par on and after April 1, 2018
|
| Equity clawback: | 35% at 109.125 until April 1, 2015
|
| Trade date: | May 9
|
| Settlement date: | May 14 with accrued interest
|
| Rating: | Moody's: Caa1
|
| Distribution: | Rule 144A for life
|
| Original issue: | $225 million priced at par in March 2012
|
| Fungibility: | Add-on notes will be fungible with the existing notes
|
| Total issue size: | $290 million
|
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