By Paul A. Harris
Portland, Ore., Sept. 15 – Acosta Sales & Marketing Co. priced an $800 million issue of eight-year senior notes (Caa1/CCC+/) at par to yield 7¾% on Monday, according to a market source.
The yield printed at the tight end of yield talk in the 7 7/8% area.
Goldman Sachs & Co. was the left bookrunner. J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Barclays were the joint bookrunners.
Proceeds will be used to help fund the buyout of Acosta, a Jacksonville, Fla.-based provider of sales and marketing services to the consumer goods industry, by Carlyle Group from Thomas H. Lee Partners LP.
| Issuer: | Acosta Holdco Inc. (Acosta Sales & Marketing)
|
| Amount: | $800 million
|
| Maturity: | Oct. 1, 2022
|
| Securities: | Senior notes
|
| Left bookrunner: | Goldman Sachs & Co.
|
| Joint bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Barclays
|
| Co-manager: | Mizuho Securities
|
| Coupon: | 7 7/8%
|
| Price: | Par
|
| Yield: | 7 7/8%
|
| Spread: | 532 bps
|
| First call: | Oct. 1, 2017 at 105.813
|
| Trade date: | Sept. 15
|
| Settlement date: | Sept. 26
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 7 7/8% area
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
