New Issue: Radio Systems prices $250 million 8 3/8% seven-year notes at par

By Paul A. Harris

Portland, Ore., Oct. 16 - Radio Systems Corp. priced a $250 million issue of seven-year senior secured second-lien notes (B3/B-/) at par to yield 8 3/8% on Tuesday, according to a syndicate source.

The yield printed in the middle of the 8¼% to 8½% yield talk.

Bank of America Merrill Lynch, Fifth Third Securities Inc. and BMO Capital Markets Corp. are the joint bookrunners.

The Knoxville, Tenn.-based pet products manufacturer will use proceeds to refinance existing debt and to purchase various existing equity stakes in its parent company, Radio Systems Holdings, Inc.

Issuer:	Radio Systems Corp.
Amount:	$250 million
Maturity:	Nov. 1, 2019
Securities:	Senior secured second-lien notes
Bookrunners:	Bank of America Merrill Lynch, Fifth Third Securities Inc., BMO Capital Markets Corp.
Coupon:	8 3/8%
Price:	Par
Yield:	8 3/8%
Call features:	Make-whole call at Treasuries plus 50 bps until Nov. 1, 2015, then callable at 106.281, 104.188, 102.094, par on and after Nov. 1, 2018
Equity clawback:	35% at 108.375 until Nov. 1, 2015
Change-of-control put:	101%
Trade date:	Oct. 16
Settlement date:	Oct. 23
Ratings:	Moody's: B3
	Standard & Poor's: B-
Distribution:	Rule 144A for life
Price talk:	8¼% to 8½%
Marketing:	Roadshow

© 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.