Savers talks $500 million secured notes due April 2027 to yield 10¼%-10½%, including OID

By Paul A. Harris

Portland, Ore., Jan. 26 – Savers Value Village, Inc. talked its $500 million offering of senior secured notes due April 2027 (B2/B) with an all-in yield of 10¼% to 10½%, including approximately 2 points of original issue discount, according to market sources.

The deal is set to price on Thursday.

Jefferies LLC, J.P. Morgan Securities LLC and KKR Capital Markets LLC are the bookrunners.

The Rule 144A and Regulation S for life notes have a tenor of about 4.25 years and come with two years of call protection.

The issuer will be Evergreen AcqCo 1 LP, and the co-issuer will be TVI, Inc., both subsidiaries of Savers Value Village.

The Bellevue, Wash.-based thrift store operator plans to use the proceeds to repay a portion of its term loan and fund a distribution to its shareholders.

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