By Paul A. Harris
St. Louis, Dec. 21 - ACIH Inc. (Atrium holding company) sold about $125 million proceeds of eight-year senior discount notes (B3/CCC+) at 71.791 on Tuesday to yield 11½%, according to an informed source.
Price talk was 11% to 11¼%.
The $174 million face amount notes will pay a zero coupon for three years, after which the coupon steps up to 11½%.
UBS Investment Bank and Citigroup ran the books for the Rule 144A for life issue.
Proceeds will be used to partially fund the company's refinancing.
The issuer is a Dallas-based manufacturer of aluminum and vinyl residential windows.
| Issuer: | ACIH Inc. (Atrium holding company)
|
| Face amount: | $174 million
|
| Proceeds: | $125 million approximate
|
| Maturity: | Dec. 15, 2012
|
| Security description: | Senior discount notes
|
| Bookrunners: | UBS Investment Bank, Citigroup
|
| Coupon: | 0% for three years, then steps up to 11½%
|
| Price: | 71.791
|
| Yield: | 11½%
|
| Spread: | 751 basis points
|
| Call features: | Callable after Dec. 15, 2007 at 105.75, 102.875, par on or after Dec. 15, 2009
|
| Equity clawback: | Until Dec. 15, 2007 for 35% at 111.50 accreted
|
| Trade date: | Dec. 21
|
| Settlement date: | Dec. 28
|
| Ratings: | Moody's B3
|
| Standard & Poor's: CCC+
|
| Price talk: | 11%-11¼%
|
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