ICON Health talks $205 million six-year notes with 11¾%-12% yield

By Paul A. Harris

St. Louis, Oct. 1 - ICON Health & Fitness, Inc. talked its $205 million offering of six-year senior secured notes (B2/B-) with an 11¾% to 12% yield on Friday, according to an informed source.

The books are set to close at 2 p.m. ET on Monday, with the deal set to price thereafter.

With Friday's price talk came a covenant change, the source said.

Bank of America Merrill Lynch and Credit Suisse are the joint bookrunners for the Rule 144A for life offering.

The notes come with three years of call protection and have a 101% poison put.

Proceeds will be used to repay a portion of the company's ABL revolver, to repay its term loan in full and to redeem all of its 11¼% senior subordinated notes.

The prospective issuer is a Logan, Utah-based health and fitness equipment manufacturer.

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