New Issue: Jones prices $100 million tap of 6 7/8% notes at 103.5 to yield 6.21%

By Paul A. Harris

Portland, Ore., Sept. 20 - Jones Group Inc. priced a $100 million add-on to its 6 7/8% senior notes due March 15, 2019 (Ba3/B+) at 103.5 to yield 6.21% on Thursday, according to a syndicate source.

Citigroup Global Markets was the left bookrunner for the quick-to-market deal. J.P. Morgan Securities LLC, Bank of America Merrill Lynch, SunTrust Robinson Humphrey and Wells Fargo Securities LLC were the joint bookrunners.

The New York-based designer, marketer and wholesaler of apparel plans to use the proceeds for general corporate purposes.

Issuer:	Jones Group
Amount:	$100 million
Proceeds:	$103.5 million
Maturity:	March 15, 2019
Security description:	Add-on to 6 7/8% senior notes due March 15, 2019
Left bookrunner:	Citigroup Global Markets
Joint bookrunners:	J.P. Morgan Securities LLC, Bank of America Merrill Lynch, SunTrust Robinson Humphrey, Wells Fargo Securities LLC
Coupon:	6 7/8%
Price:	103.5
Yield:	6.21%
Spread:	446 bps
Call features:	Make-whole call at Treasuries plus 50 bps
Trade date:	Sept. 20
Settlement date:	Sept. 25 with accrued interest
Ratings:	Moody's: Ba3
	Standard & Poor's: B+
Distribution:	SEC registered
Marketing:	Quick to market
Original issue:	$300 million priced at par on March 2, 2011
Total issue size:	$400 million

© 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.