By Paul A. Harris
Portland, Ore., Jan. 26 – Hunt Cos., Inc. priced an upsized $600 million issue of eight-year senior secured notes (B2/BB-) at par to yield 6¼% on Friday, according to a syndicate source.
The issue size was increased from $550 million.
The yield printed at the wide end of the 6 1/8% to 6¼% yield talk.
Jefferies LLC was the left bookrunner. Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC and Hunt Financial Services were the joint bookrunners.
The El Paso, Texas-based company plans to use the proceeds to refinance its 9 5/8% notes due 2021 and for general corporate purposes.
The issuer is a privately held company that invests in businesses focused on the real estate and infrastructure markets.
| Issuer: | Hunt Cos., Inc.
|
| Amount: | $600 million, increased from $550 million
|
| Maturity: | Feb. 15, 2026
|
| Securities: | Senior secured notes
|
| Left bookrunner: | Jefferies LLC
|
| Joint bookrunners: | Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Hunt Financial Services
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| First call: | Make-whole call at Treasuries plus 50 bps until Feb. 15, 2021, then callable at 103.125
|
| Trade date: | Jan. 26
|
| Settlement date: | Feb. 2
|
| Ratings: | Moody's: B2
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6 1/8% to 6¼%
|
| Marketing: | Roadshow
|
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