Radio Systems talks $625 million five-year secured notes at 7% area; pricing expected Thursday

By Paul A. Harris

Portland, Ore., June 17 – Radio Systems Corp. talked its $625 million offering of CD&R Smokey Buyer, Inc. five-year senior secured notes in the 7% area, according to market sources.

The Rule 144A and Regulation S for life deal is set to price on Thursday.

UBS Securities LLC is the left lead bookrunner. Fifth Third Securities Inc., BMO Capital Markets Corp., BNP Paribas Securities Corp., Mizuho Securities USA Inc. and Natixis Securities Americas LLC are the joint bookrunners.

The notes become callable after two years at par plus 50% of the coupon. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.

The notes feature a two-year 40% equity clawback and a 101% poison put.

Proceeds will be used to fund the buyout of the Knoxville, Tenn.-based designer and distributor of companion pet health and safety products by Clayton, Dubilier & Rice.

© 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.