By Paul A. Harris
St. Louis, Jan. 3 - IdleAire Technologies Corp. priced a $320 million issue of seven-year senior secured discount notes with warrants for common stock on Dec. 28, according to an informed source.
The non-rated notes priced at 73.372 to yield 13%. There was no official price talk.
Jefferies & Co. ran the books for the notes, which were issued via Rule 144A with registration rights and Regulation S.
The sale generated about $234.79 of proceeds, which will be used for general corporate purposes, including a nationwide rollout of the company's ATE system network.
The issuer is a privately held research and development company servicing the long-haul trucking freight industry. It has headquarters in Knoxville, Tenn.
| Issuer: | IdleAire Technologies Corp.
|
| Face amount: | $320 million
|
| Proceeds: | $234.79 approximate
|
| Security description: | Units consisting of senior secured discount notes and warrants to purchase 30% of the common stock of IdleAire
|
| Bookrunner: | Jefferies & Co.
|
| Maturity of notes: | Dec. 15, 2012
|
| Issue price per unit: | $733.72
|
| Yield of notes: | 13%
|
| Coupon: | 0% until Dec. 15, 2008, then 13%
|
| Call features: | On or after Dec. 15, 2009 at 106.50, 103.250, par on or after Dec. 15, 2011
|
| Equity clawback: | Until Dec. 15, 2008 for 35% at 113.00
|
| Trade date: | Dec. 28
|
| Settlement date: | Dec. 30
|
| Distribution: | Rule 144A with registration rights and Regulation S
|
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