TitleMax talks $450 million five-year secured notes in 11% area; pricing Thursday

By Paul A. Harris

Portland, Ore., May 23 – TMX Finance LLC, formerly known as TitleMax, talked its $450 million offering of five-year senior secured notes (B-) to yield in the 11% area, according to an informed source.

Books close 11 a.m. ET on Thursday, and the Rule 144A and Regulation S for life deal is set to price thereafter.

Jefferies LLC is the bookrunner.

The notes become callable in two years at par plus 50% of the coupon.

TMX Finance, the issuer, is the owner of brands including TitleMax, TitleBucks, EquityAuto Loan and InstaLoan.

The Savannah, Ga.-based consumer finance company plans to use the proceeds to refinance its 8½% senior secured notes due Sept. 15, 2018.

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