New Issue: Le-Nature's sells $150 million 10-year notes at par to yield 9%

By Paul A. Harris

St. Louis, June 18 - Le-Nature's, Inc. sold $150 million of senior subordinated notes due June 15, 2013 (B3/B-) at par Wednesday to yield 9%, according to an informed source.

Price talk was 9% area.

Wachovia Securities, Inc. was the bookrunner.

The Latrobe, Pa. bottled water and natural beverage manufacturer will use proceeds to repay bank debt and for general corporate purposes.

Issuer:	Le-Nature's, Inc.
Amount:	$150 million
Maturity:	June 15, 2013
Security description:	Senior subordinated notes
Bookrunner:	Wachovia Securities
Coupon:	9%
Price:	Par
Yield:	9%
Spread:	566 basis points
Call features:	Callable on June 15, 2008 at 104.5, then at 103, 101.5, declining to par on June 15, 2011 and thereafter
Equity clawback:	Until June 15, 2006 for 35% at 109
Settlement date:	June 23, 2003
Ratings:	Moody's: B3
	Standard & Poor's: B-
Rule 144A Cusip:	521295AB1
Price talk:	9% area

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