New Issue: Interface upsized $135 million 10-year notes yield 9½%

By Paul A. Harris

St. Louis, Jan. 26 - Interface Inc. priced an upsized $135 million offering of 10-year senior subordinated notes (Caa3/CCC) Monday at par to yield 9½%, or 537 basis points over Treasuries, a syndicate source said.

The issue, which matures Feb. 1, 2014, was increased from a planned $125 million.

Price talk was in the area of 9½%.

Wachovia Securities and Citigroup ran the books on the Rule 144A issue. Fleet Securities was co-manager.

The Atlanta-based commercial interiors company plans to use proceeds to redeem the company's 9½% senior subordinated notes due 2005.

Issuer:	Interface Inc.
Amount:	$135 million (increased from $125 million)
Maturity:	Feb. 1, 2014
Security description:	Senior subordinated notes
Bookrunners:	Wachovia Securities, Citigroup
Co-manager:	Fleet Securities
Coupon:	9½%
Price:	Par
Yield:	9½%
Spread:	537 basis points
Call features:	Callable after Feb. 1, 2009 at 104.75, 103.167, 101.583, par on Feb. 1, 2012 and thereafter
Equity clawback:	Up to 35% at 109.50 until Feb. 1, 2007
Pricing date:	Jan. 26
Settlement date:	Feb. 4 (T + 7)
Ratings:	Moody's: Caa3
	Standard & Poor's: CCC
Price talk:	9½% area

© 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.