By Paul A. Harris
St. Louis, Aug. 3 - TFS Acquisition Corp. (Textron Fastening Systems) priced a $193.87 million issue of restructured eight-year senior secured floating-rate notes (Caa1/B-) at 98.00 on Thursday, according to an informed source.
The notes priced with a coupon that pays three-month Libor plus 750 basis points.
According to a market source, the resulting yield to maturity is three-month Libor plus 789 basis points.
Credit Suisse ran the books for the Rule 144A and Regulation S issue.
The structure was changed from 10-year non-call-five senior secured fixed-rate notes.
Proceeds will be used to partially fund the acquisition of Textron's fastening systems business by Platinum Equity Advisors.
The issuer is a Troy, Mich.-based provider of integrated fastening solutions and technologies.
| Issuer: | TFS Acquisition Corp. (Textron Fastening Systems)
|
| Amount: | $193.87 million
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| Maturity: | Aug. 1, 2014
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| Security description: | Senior secured floating-rate notes
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| Bookrunner: | Credit Suisse
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| Coupon: | Three-month Libor plus 750 bps
|
| Price: | 98.00
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| Yield: | Three-month Libor plus 789 bps
|
| Call protection: | Three years
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| Trade date: | Aug. 3
|
| Settlement date: | Aug. 11
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A
|
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