By Paul A. Harris
St. Louis, March 22 - Interactive Health LLC and Interactive Health Finance Corp. sold $80 million proceeds of 7¼% senior notes on Friday at a discount to yield 11 3/8%, according to an informed source.
The $100 million face amount offering was priced at 80.424.
The notes had been talked at an issue price of 85.0 to yield 10¾%-11%.
Jefferies & Co. ran the books on the notes, which were sold as a Rule 144A offering with registration rights. Imperial Capital LLC was co-manager.
Proceeds will be used to repay bank debt and to fund a dividend payment.
Interactive Health is a robotic massage chair producer and marketer headquartered in Long Beach, Calif.
Issuers Interactive Health LLC and Interactive Health Finance Corp.
| Security description: | Senior notes
|
| Bookrunner: | Jefferies & Co.
|
| Co-manager: | Imperial Capital LLC
|
| Face amount: | $100 million |
|
| Proceeds: | $80.424 million
|
| Maturity: | April 1, 2011
|
| Coupon: | 7¼%
|
| Price | 80.424
|
| Yield: | 11 3/8%
|
| Call features: | Callable on or after April 1, 2008 at 105.688, 102.844, par on or after April 1, 2010
|
| Equity clawback: | Until March 15, 2007 for up to 40% at 111.375
|
| Settlement date: | March 26
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Price talk: | 85.0 issue price to yield 10¾%-11%
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