New Issue: Icon Health & Fitness 10-year notes downsized to $155 million, yield 11½%

By Paul A. Harris

St. Louis, Mo., March 28 - Icon Health & Fitness, Inc. downsized its offering of 10-year senior notes (B3/B-) to $155 million from $200 million and priced them Thursday at 98.589 to yield 11½%, according to a syndicate source.

Syndicate officials confirmed on Wednesday that official price talk was 11%-11¼%.

Credit Suisse First Boston was the bookrunner. Co-managers were JP Morgan and Fleet Securities.

The Logan, Utah-based fitness equipment-maker plans to use the proceeds to refinance existing debt.

Issuer:	Icon Health & Fitness, Inc.
Amount:	$155 million (decreased from $200 million)
Maturity:	April 1, 2012
Type:	Senior subordinated notes
Bookrunner:	Credit Suisse First Boston
Coupon:		11¼%
Price:	98.589
Yield:	11½%
Spread:	610 basis points
Call features:	Callable on April 1, 2007 at 105.625, 103.750, 101.875, par on April 1, 2010 and thereafter
Equity clawback:	Until April 1, 2005 for 35% at 111 ¼%
Payment dates:	July 1 and Jan. 1, commencing July 1, 2002
Settlement date:		April 9, 2002
Ratings:	Moody's B3:
	Standard & Poor's: B-
Rule 144A CUSIP:	44929KAE8

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.