By Paul A. Harris
Portland, Ore., Feb. 10 - Regal Entertainment Group priced a $100 million add-on to its 9 1/8% senior notes due Aug. 15, 2018 (B3/B-/) at 104.5 on Thursday, resulting in an 8.095% yield to worst.
There was no official price talk.
Credit Suisse Securities ran the books for the quick-to-market deal.
The company intends to use the proceeds to pay down a portion of its senior credit facility and for general corporate purposes, which may include the redemption, repayment or repurchase of debt.
Thursday's deal represents the second time in 2011 that Regal has tapped its 9 1/8% notes.
The Knoxville, Tenn.-based motion picture exhibition company priced a $150 million add-on to the issue at 104.5 to yield 8.107% on Jan. 4.
The original $275 million issue priced at par on Aug. 10, 2010.
Thursday's add-on leaves the total issue size at $525 million.
| Issuer: | Regal Entertainment Group
|
| Face amount: | $100 million
|
| Proceeds: | $104.5 million
|
| Maturity: | Aug. 15, 2018
|
| Security description: | Add-on to 9 1/8% senior notes
|
| Bookrunner: | Credit Suisse Securities
|
| Coupon: | 9 1/8%
|
| Price: | 104.5
|
| Yield to worst: | 8.095%
|
| Spread: | 496 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until Aug. 15, 2014, then callable at 104.563, 102.281, par on and after Aug. 15, 2016
|
| Equity clawback: | 35% at 109.125 until Aug. 15, 2013
|
| Trade date: | Feb. 10
|
| Settlement date: | Feb. 15 flat
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | SEC registered
|
| Price talk: | None
|
| Marketing: | Quick to market
|
| Original issue: | $275 million priced at par on Aug. 10, 2010
|
| Previous add-on: | $150 million priced at 104.5 to yield 8.107% on Jan. 4, 2011
|
| Total issue size: | $525 million
|
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