By Paul A. Harris
Portland, Ore., March 2 - Jones Group, Inc. priced a $300 million issue of eight-year senior notes (Ba3/B+/) at par to yield 6 7/8% on Wednesday, according to an informed source.
The yield printed at the wide end of price talk, which had been set in the 6¾% area
Citigroup Global Markets Inc. was the left bookrunner for the quick-to-market issue.
J.P. Morgan Securities LLC, Bank of America Merrill Lynch, SunTrust Robinson Humphrey Inc. and Wells Fargo Securities were the joint bookrunners.
Proceeds will be used to pay amounts due under the company's revolver and for general corporate purposes.
Jones Group is a New York-based designer, marketer and wholesaler of apparel.
| Issuer: | Jones Group, Inc.
|
| Amount: | $300 million
|
| Maturity: | March 15, 2019
|
| Securities: | Senior notes
|
| Left bookrunner: | Citigroup Global Markets Inc.
|
| Joint bookrunners: | J.P. Morgan Securities LLC, Bank of America Merrill Lynch, SunTrust Robinson Humphrey Inc., Wells Fargo Securities
|
| Co-manager: | Goldman Sachs & Co.
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 380 bps
|
| Call protection: | Non-callable (Make-whole provision at Treasuries plus 50 bps)
|
| Trade date: | March 2
|
| Settlement date: | March 7
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B+
|
| Distribution: | SEC registered
|
| Price talk: | 6¾% area
|
| Marketing: | Quick to market
|
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