By Paul A. Harris
St. Louis, June 13 - Rafaella Apparel Group Inc. sold $172 million of six-year senior secured notes (B2/CCC) at 95.00 with an 11¼% coupon to yield 12.459%, according to an informed source.
Price talk was in the 12% area.
The issue generated $163.4 million of proceeds.
Jefferies & Co. ran the books for the Rule 144A issue.
Proceeds will be used to help fund the leveraged buyout of the company by Cerberus Capital Management LP.
The issuer is a New York-based women's apparel maker.
| Issuer: | Rafaella Apparel Group Inc.
|
| Face amount: | $172 million
|
| Proceeds: | $163.4 million
|
| Maturity: | June 15, 2011
|
| Security description: | Senior secured notes
|
| Bookrunner: | Jefferies & Co.
|
| Coupon: | 11¼%
|
| Price: | 95.00
|
| Yield: | 12.459%
|
| Call features: | Callable on or after June 15, 2008 at 106.125, 103.063, par on and after June 15, 2010
|
| Equity clawback: | 35% at 112.250% before June 15, 2008
|
| Trade date: | June 13
|
| Settlement date: | June 20
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: CCC
|
| Price talk: | 12% area
|
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