Published on 9/21/2009 in the Prospect News High Yield Daily.
New Issue: ACCO upsizes to $460 million, prices 10 5/8% notes due March 2015 at 98.502 to yield 11%
By Paul A. Harris
St. Louis, Sept. 21 - ACCO Brands Corp. price an upsized $460 million issue of 10 5/8% senior secured notes (B2) due March 15, 2015 at 98.502 to yield 11% on Monday, according to market sources.
The yield printed at the tight end of the 11% to 11¼% price talk.
The issue was upsized from $425 million.
Credit Suisse Securities, Bank of America Merrill Lynch, Deutsche Bank Securities Inc. and BMO Nesbitt Burns are joint bookrunners for the Rule 144A and Regulation S offering.
Proceeds, along with proceeds from a new $175 million asset-based credit facility, will be used to repay all borrowings outstanding under the company's existing credit and securitization facilities.
The issuer is a Lincolnshire, Ill.-based provider of traditional and computer-related office products and supplies.
Issuer: | ACCO Brands Corp.
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Face amount: | $460 million, increased from $425 million
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Proceeds: | $453.1 million
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Maturity: | March 15, 2015
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Security description: | Senior secured notes
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Bookrunners: | Credit Suisse Securities, Bank of America Merrill Lynch, Deutsche Bank Securities Inc., BMO Nesbitt Burns
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Coupon: | 10 5/8%
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Price: | 98.502
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Yield: | 11%
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Spread: | 838 bps
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Call features: | Callable on Sept. 15, 2012 at 105.313, 102.657, par on and after Sept. 15, 2014
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Equity clawback: | 35% at 110.625 until Sept. 15, 2012
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Trade date: | Sept. 21
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Settlement date: | Sept. 30
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Rating: | Moody's: B2
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Distribution: | Rule 144A/Regulation S
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Price talk: | 11% to 11¼%
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