Americold Warehouse postpones $325 million 10-year junk bond offering

By Paul A. Harris

St. Louis, May 6 - Americold Warehouse Investment Portfolio postponed its $325 million offering of 10-year senior secured notes, market sources said on Thursday.

The postponement came on the heels of the trust's abandonment of its initial public offering of common shares, sources said.

Price talk on the high-yield bonds moved up twice on Wednesday.

The Atlanta-based temperature controlled warehouse real estate investment trust lifted talk to the 7 7/8% area from the 7¾% area.

The 7¾% area talk, meanwhile, was a revision of last week's 7 5/8% area price talk.

Price talk on the IPO, meanwhile, decreased to $9.00 to $11.00 per share, from earlier talk of $14.00 to $16.00.

Goldman Sachs & Co., Deutsche Bank Securities Inc. and RBC Capital markets Corp. were the bookrunners for the bond deal, which was upsized to $325 million from $300 million on Wednesday.

Proceeds from the bonds and the IPO were to be used to fund the acquisition of assets from Versacold and for general corporate purposes.

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