By Paul A. Harris
Portland, Ore., May 27 - Interface Master Holdings, Inc. and Interface Security Systems, LLC priced an upsized $115 million issue of contingent cash-pay notes due Aug. 1, 2018 (/CCC/) at 98 on Monday, according to an informed source.
The notes pay a 12½% cash coupon or a 14½% PIK coupon. The cash yield is 13.152%.
The cash coupon came on top of talk. The cash yield came tight to yield talk that had been set at 13.2%.
Imperial Capital was the bookrunner for the issue that was increased from an originally planned $100 million.
Proceeds will be used for general corporate purposes and to fund a debt service reserve account.
There were covenant changes and structural changes, most of which were disclosed only to bond buyers.
Among the highlights of those changes was a requirement for an additional six months of interest reserve and limitations on operating company debt, the source said.
The issuer is an Earth City, Mo.-based provider of physical security and secured managed network services.
| Issuer: | Interface Master Holdings, Inc.
|
| Face amount: | $115 million, increased from $100 million
|
| Proceeds: | $113 million
|
| Maturity: | Aug. 1, 2018
|
| Securities: | Contingent cash-pay notes
|
| Cash coupon: | 12½%
|
| PIK coupon: | 14½%
|
| Price: | 98
|
| Cash yield: | 13.152%
|
| First call: | August 1, 2015 at 106.25 (call premium increased from 105)
|
| Bookrunner: | Imperial Capital, LLC
|
| Trade date: | May 27
|
| Settlement date: | May 30
|
| Rating: | Standard & Poor's: CCC
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 12½% coupon at 98 to yield 13.2%
|
| Marketing: | Roadshow
|
© 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.
