St. Louis, May 30 - Rocky Brands, Inc. announced in a Wednesday press release that it has privately placed $40 million of 11½% five-year notes.
Piper Jaffray was the lead arranger.
Proceeds will be used to repay all outstanding amounts under its existing term loans, including a $15 million term loan with a second lien lender at an interest rate of Libor plus 850 basis points and $16 million of amortizing term loans with GMAC Commercial Finance at an interest rate of Libor plus 350 bps.
The remaining proceeds will be used for working capital and general corporate purposes.
The issuer is a Nelsonville, Ohio, designer, manufacturer and marketer of premium quality footwear and apparel.
| Issuer: | Rocky Brands, Inc.
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| Amount: | $40 million
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| Maturity | : | May 25, 2012
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| Security description: | Senior notes
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| Lead arranger: | Piper Jaffray
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| Coupon: | 11½%
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