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Roundy's talks $200 million seven-year secured notes at discount to yield in 11% area
By Paul A. Harris
Portland, Ore., Dec. 12 - Roundy's Supermarkets, Inc. talked its $200 million offering of seven-year senior secured second-lien notes (B3/CCC) to price at a discount with a yield in the 11% area, an informed source said on Thursday.
Books close at 9 a.m. ET on Friday for accounts outside of Chicago, and the deal is set to price late Friday morning.
Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are the joint bookrunners for the Rule 144A and Regulation S for life offering.
The notes become callable after three years at par plus 75% of the coupon and feature a three-year 35% equity clawback and a 101% poison put.
The Milwaukee-based supermarket chain plans to use the proceeds to fund the acquisition of Dominick's stores and to repay debt.
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