Triad downsizes eight-year notes to $150 million, revises talk to 11%-11¼%; pricing Wednesday

By Paul A. Harris

St. Louis, April 26 - Triad Acquisition Corp. (Triad Financial Corp.) downsized its offering of eight-year senior notes (B-) to $150 million from $200 million on Tuesday, according to a market source.

Meanwhile the company revised price talk on the notes to 11% to 11¼% from 10¼% to 10½%.

Pricing is expected on Wednesday.

Goldman Sachs & Co. has the books for the Rule 144A/Regulation S offering, which has registration rights. Citigroup is the joint bookrunner.

The notes come with four years of call protection.

Proceeds will be used to help fund the buyout of the company by Goldman Sachs Capital Partners, Hunters Glen and GTCR Golder Rauner from Ford Motor Co.

Triad Acquisition Corp. is to be merged with and into Triad Financial Corp., a Huntington Beach, Calif., lender to subprime borrowers.

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