Ancestry.com plans $100 million tap of PIK toggle notes due 2018 as Wednesday drive-by

By Paul A. Harris

Portland, Ore., Jan. 29 - Ancestry.com Holdings LLC plans to price a $100 million add-on to its 9 5/8%/10 3/8% senior PIK toggle notes due Oct. 15, 2018 Wednesday, following a late-morning conference call with investors, according to a syndicate source.

Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs & Co. and RBC Capital Markets LLC are the joint bookrunners for the Rule 144A for life offer.

The notes become callable on Oct. 15, 2015 at 102.

There is an equity clawback for 100% of the issue at 102 until Oct. 15, 2015 with proceeds from an initial public offering of stock.

Proceeds will be used to pay cash dividends on, and/or make other payments in respect of the issuer's or its subsidiaries' equity interests.

The prospective issuer is a Provo, Utah-based provider of online family history services.

The original $300 million issue priced at 99 to yield 9 7/8% on Sept. 11.

The Rule 144A add-on notes will be immediately fungible with existing notes.

The Regulation S add-on notes will be fungible following a 40-day cooling period.

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