By Paul A. Harris
Portland, Ore., July 19 - TMX Finance LLC and TitleMax Finance Corp. priced an upsized $60 million non-fungible add-on to their 13¼% senior secured notes due July 15, 2015 (B2/B+/) at 107 on Tuesday, according to an informed source.
The reoffer price came on top of price talk.
The yield to maturity is 11.028%, and the yield to worst is 10.454%.
Jefferies & Co., Inc. ran the books for the quick-to-market issue, which was upsized from $50 million.
The Savannah, Ga.-based auto title lending company plans to use the proceeds for general corporate purposes.
The original $250 million issue priced at 99.078 to yield 13½% in June 2010.
| Issuer: | TMX Finance LLC and TitleMax Finance Corp.
|
| Face amount: | $60 million, increased from $50 million
|
| Proceeds: | $64.2 million
|
| Maturity: | July 15, 2015
|
| Security description: | Non-fungible add-on to 13¼% senior secured notes
|
| Bookrunner: | Jefferies & Co., Inc.
|
| Coupon: | 13¼%
|
| Price: | 107
|
| Yield to maturity: | 11.028%
|
| Yield to worst: | 10.454%
|
| Call protection: | Make-whole call at Treasuries plus 50 bps until July 15, 2013, then callable at 106.625, par on and after July 15, 2014
|
| Equity clawback: | 35% at 113.25% until July 15, 2013
|
| Excess cash flow offer: | The lesser of $30 million and 75% of excess cash flow at 102%
|
| Change-of-control put: | 101%
|
| Trade date: | July 19
|
| Settlement date: | July 22 with accrued interest
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Price talk: | 107
|
| Marketing: | Quick to market
|
| Original issue: | $250 million issue priced at 99.078 to yield 13½% in June 2010
|
| Total issue size: | $310 million
|
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