By Paul A. Harris
Portland, Ore., June 17 - Sandalwood producer TFS Corp. priced a downsized $150 million issue of seven-year senior secured notes (B3/B/) at par to yield 11% on Thursday, according to an informed source.
The yield came in line with price talk, the source added.
The notes come with attached warrants. For each $1,000 of notes investors will receive 370 warrants exercisable at $1.28 per share.
Global Hunter Securities, Clarkson Capital Markets and Knight Securities were the bookrunners for the deal, which was downsized from $175 million.
The Nedlands, Western Australia-based owner and operator of sandalwood plantations plans to use the proceeds to fund land acquisitions and for general corporate purposes.
| Issuer: | TFS Corp.
|
| Amount: | $150 million, downsized from $175 million
|
| Maturity: | July 15, 2018
|
| Securities: | Senior secured notes with warrants for common stock
|
| Bookrunners: | Global Hunter Securities, Clarkson Capital Markets, Knight Securities
|
| Coupon: | 11%
|
| Price: | Par
|
| Yield: | 11%
|
| Warrants: | 370 warrants per $1,000 of notes, exercisable at $1.28 per share
|
| First call date: | July 15, 2015
|
| Trade date: | June 16
|
| Settlement date: | June 21
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Marketing: | Roadshow
|
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