By Paul A. Harris
Portland, Ore., Nov. 25 - Hot Topic, issuing via HT Intermediate Holdings Corp., priced an upsized $110 million issue of 12%/12 ¾% senior PIK toggle notes (Caa2/CCC+) at 98.00 to yield 12.521% on Monday, according to an informed source.
The deal was upsized from $100 million.
BofA Merrill Lynch ran the books.
The City of Industry, Calif.-based specialty retailer plans to use the proceeds to fund a dividend.
| Issuer: | HT Intermediate Holdings Corp.
|
| Face amount: | $110 million, increased from $100 million
|
| Proceeds: | $108 million
|
| Maturity: | May 15, 2019
|
| Securities: | Senior PIK toggle notes
|
| Bookrunner: | BofA Merrill Lynch
|
| Cash coupon: | 12%
|
| PIK coupon: | 12¾%
|
| Price: | 98.00
|
| Yield: | 12.521%
|
| Call protection: | 2.5 years
|
| Ratings: | Caa2/CCC+
|
| Trade date: | Nov. 25
|
| Settlement date: | Dec. 2
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Quick to market
|
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