Reddy Ice to sell $300 million notes to refinance credit facility

By Paul A. Harris

St. Louis, Feb. 19 - Reddy Ice Holdings, Inc. plans to issue $300 million of first-lien senior secured notes (B1), according to a Friday press release.

J.P. Morgan Securities Inc. will lead the deal in a syndicate of banks that will also include Bank of America Merrill Lynch, according to a market source.

Proceeds will be used to refinance the company's existing credit facility.

The Dallas-based packaged ice company is concurrently in the market with an exchange offer for its existing 10½% senior discount notes due 2012 and a credit amendment.

The early tender date is March 5, 2010.

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