Atlantic Express ups five-year note offering to $185 million, sets talk

By Paul A. Harris

St. Louis, April 30 - Atlantic Express Transportation Corp. upsized to $185 million from $165 million its offering of five-year senior secured floating-rate notes (Caa2/CCC+) on Monday, according to an informed source.

Meanwhile the company set price talk at six-month Libor plus 725 to 750 basis points with a reoffer price of 98.00 to 98.50 on Monday.

Books will close at 10 a.m. ET on Tuesday, with the offering expected to price shortly thereafter.

The Rule 144A with registration rights and Regulation S deal is being led by bookrunner Jefferies & Co.

The notes will come with one year of call protection.

Proceeds will be used to refinance existing debt, including the company's 12% senior secured notes due 2008 and its senior secured floating-rate notes due 2008, and for general corporate purposes.

Atlantic Express Transportation is a Staten Island, N.Y., provider of student transportation.

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