Chicago, May 12 – At Home Group, Inc. announced a series of refinancing transactions that included the closing of a $200 million placement of 11½% senior secured notes due 2028 with an unnamed subsidiary as issuer, according to a press release.
The proceeds will be loaned to the parent.
The new notes were offered to investors in accordance with Rule 144A.
Further, the company announced that it expects to exchange $447 million of existing 7 1/8% senior unsecured notes due 2029 for exchange notes.
The notes will be exchanged at 90% of par value plus accrued interest.
The exchange notes will be issued as $412 million of senior secured notes with a cash/PIK toggle feature at 7 1/8% cash/8 5/8% paid in kind.
“These transactions further strengthen our financial position and provide At Home with incremental capital to support our growth objectives and execute on our strategic plan,” said Lee Bird, chairman and chief executive officer of At Home.
The home goods superstore is based in Dallas.
| Issuer: | At Home Group, Inc.
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| Amount: | $612 million
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| Settlement date: | May 12
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| Distribution: | Rule 144A
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| New money notes
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| Amount: | $200 million
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| Issue: | Senior secured notes
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| Maturity: | 2028
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| Coupon: | 11½%
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| Exchange notes
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| Amount: | $412 million
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| Issue: | Cash/PIK toggle senior secured notes
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| Maturity: | 2028
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| Coupon: | 7 1/8%/8 5/8%
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