By Paul A. Harris
St. Louis, Mo., June 7 - IESI Corp. priced $150 million of senior notes due June 15, 2012 (B3/B-) at par Friday to yield 10¼%, according to a syndicate source.
Price talk was for a yield in the 10¼% area.
Credit Suisse First Boston and Salomon Smith Barney were joint bookrunners. Fleet Securities and JP Morgan were co-managers.
Proceeds from the Rule 144A deal will be used to repay bank debt.
The issuer is a Haltom, Tex.-based waste collection company.
Issuer: IESI Corp.
Amount: $150 million
Maturity: June 15, 2012
Type: Senior notes
Bookrunners: Credit Suisse First Boston, Salomon Smith Barney
Co-managers: Fleet Securities, JP Morgan
Coupon: 10¼%
Price: Par
Yield: 10¼%
Spread: 528 basis points
Price talk: 10¼% area
Call features: Callable on June 15, 2007 at 105.125, 103.417, 101.708, par on June 15, 2010 and thereafter
Equity clawback: Until June 15, 2005 for 35% at 110.25
Settlement date: June 12, 2002
Ratings: Moody's: B3
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