By Paul A. Harris
Portland, Ore., March 6 - Rialto Holdings, LLC and Rialto Corp. priced an upsized $100 million add-on to their 7% senior notes due Dec. 1, 2018 (B2/B/) at 102.25 to yield 6.307% on Thursday, according to a market source.
The deal was upsized from $50 million.
The reoffer price came at the rich end of the 102 to 102.25 price talk.
Deutsche Bank Securities Inc. was the bookrunner.
Proceeds will be used for general corporate purposes.
Miami-based Rialto is a commercial real estate investment, investment management and finance company.
| Issuers: | Rialto Holdings LLC and Rialto Corp.
|
| Amount: | $100 million, increased from $50 million
|
| Maturity: | Dec. 1, 2018
|
| Security description: | Add-on to 7% senior notes due Dec. 1, 2018
|
| Bookrunner: | Deutsche Bank Securities Inc.
|
| Coupon: | 7%
|
| Price: | 102.25
|
| Yield: | 6.307%
|
| Spread: | 521 bps
|
| First call: | Dec. 1, 2015 at 103.5
|
| Equity clawback: | 35% at 107 until Dec. 1, 2015
|
| Trade date: | March 6
|
| Settlement date: | March 11 with accrued interest
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 102 to 102.25
|
| Marketing: | Quick to market
|
| Original issue: | $250 million priced on Nov. 8, 2013
|
| Fungibility: | Add-on notes will be immediately fungible with the original notes
|
| Total issue size: | $350 million
|
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