By Paul A. Harris
Portland, Ore., May 24 – TMX Finance LLC, formerly known as TitleMax, priced a $450 million issue of five-year senior secured notes (Caa2/B-) at par to yield 11 1/8% on Thursday, according to an informed source.
The yield printed at the wide end of yield talk in the 11% area.
Jefferies LLC was the bookrunner.
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.
| Issuer: | TMX Finance LLC
|
| Amount: | $450 million
|
| Maturity: | April 1, 2023
|
| Securities: | Senior secured notes
|
| Bookrunner: | Jefferies LLC
|
| Coupon: | 11 1/8%
|
| Price: | Par
|
| Yield: | 11 1/8%
|
| First call: | Make-whole call at Treasuries plus 50 bps until April 1, 2020, then callable at 105.563
|
| Equity clawback: | 40% at 111.125 until April 1, 2020
|
| Trade date: | May 24
|
| Settlement date: | June 8
|
| Ratings: | Moody's: Caa2
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 11% area
|
| Marketing: Roadshow
|
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