Appvion talks $250 million 6.5-year secured notes at 8½% area yield

By Paul A. Harris

Portland, Ore., Nov. 12 - Appvion, Inc. talked its $250 million offering of 6.5-year second-lien senior secured notes to yield in the 8½% area on Tuesday afternoon, according to a syndicate source.

The roadshow moves to Boston on Wednesday and then is scheduled to wrap up later on Wednesday, with pricing expected thereafter.

Barclays is the lead left bookrunner. Jefferies LLC is the joint bookrunner. Fifth Third is the co-manager.

The Rule 144A for life notes become callable after three years. The notes feature a 101% poison put.

Moody's Investors Service confirmed its B2 second-lien rating on the issuer. Standard & Poor's, meanwhile, confirmed its CCC+ second-lien rating on Appvion.

The Appleton, Wis.-based producer of paper products, formerly Appleton Papers, Inc., plans to use the proceeds to refinance debt.

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