By Paul A. Harris
Portland, Ore., Nov. 13 - Appvion, Inc. priced a $250 million issue of 9% second-lien senior secured notes due June 1, 2020 (second-lien ratings B2/CCC+) at 98.501 to yield 9.31% on Wednesday, according to a syndicate source.
The yield printed 68.5 basis points beyond the wide end of yield talk in the 8½% area.
Barclays was the lead left bookrunner. Jefferies LLC was the joint bookrunner.
The Appleton, Wis.-based producer of paper products plans to use the proceeds to refinance debt.
Issuer: | Appvion, Inc.
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Face amount: | $250 million
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Proceeds: | $246 million
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Maturity: | June 1, 2020
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Securities: | Second-lien senior secured notes
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Left lead bookrunner: | Barclays
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Joint bookrunner: | Jefferies LLC
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Co-manager: | Fifth Third Bank
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Coupon: | 9%
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Price: | 98.501
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Yield to worst: | 9.31%
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First call: | Callable after Dec. 1, 2016 at 104.5
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Trade date: | Nov. 13
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Settlement date: | Nov. 19
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Second-lien ratings: | Moody's: B2
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| Standard & Poor's: CCC+
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 8½% area
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Marketing: | Roadshow
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