At Home driving by with $250 million five-year secured notes; initial guidance 9% area

By Paul A. Harris

Portland, Ore., Aug. 13 – At Home Holding III Inc. plans to price a $250 million offering of five-year senior secured notes (B-) in a Thursday drive-by trailing a mid-morning conference call with investors, according to market sources.

Initial talk has the deal coming to yield in the 9% area, traders say.

Jefferies LLC, Guggenheim, BofA Securities Inc. and Wells Fargo Securities LLC are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with two years of call protection. A special call provision would allow the issuer to redeem 10% of the notes annually at 103 during the non-call period.

The Plano, Tex.-based home decor retail company plans to use the proceeds to refinance its first-lien term loan.

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