By Paul A. Harris
St. Louis, Mo., April 4 - American Seafoods Group, of Seattle, priced its offering of $175 million senior subordinated notes due April 15, 2010 (B3/B) at par, on Thursday, to yield 10 1/8%, according to a syndicate source.
"It priced at the tight end of the 10 ¼% area (price) talk," the syndicate official commented.
Banc of America Securities was sole books on the Rule 144A deal. BMO Nesbitt Burns, and Scotial Capital were co-managers.
Proceeds will go to fund the recapitalization by Centre Partners Management, certain members of management and existing rollover investors.
Issuer: American Seafoods Group
Amount: $175 million
Maturity: April 15, 2010
Type: Senior subordinated notes
Manager: Banc of America Securities (sole books)
Co-managers: BMO Nesbitt Burns, Scotia Capital
Coupon: 10 1/8%
Price: Par
Yield: 10 1/8%
| Spread: | 490 basis points vs. the 6 ½% Treasury due Feb. 15, 2010
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| Call Features: | Callable on April 15, 2006 at 105.063, 102.531, par on April 15, 2008 and thereafter
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| Equity clawback: | Until April 15, 2005 for 35% at 110.125
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| Payment dates: | April 15 and Oct. 15, commencing Oct. 15, 2002
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| Settlement date: | April 18, 2002 (T+10)
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| Ratings: | Moody's B3, Standard & Poor's B
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| 144A CUSIP: | 02944PAA7
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