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High Ridge Brands talks $250 million notes in 9% area, pricing Friday
By Paul A. Harris
Portland, Ore., March 16 – High Ridge Brands Co. talked a $250 million offering of eight-year senior notes (Caa1/CCC+) to yield in the 9% area, according to a market source.
Books close at noon ET Friday and the Rule 144A and Regulation S for life deal is set to price subsequently.
BMO Securities is the left bookrunner. HSBC, ING and SG CIB are the joint bookrunners.
The notes become callable after three years at par plus 50% of the coupon and feature a three-year 40% equity clawback at par plus the coupon. There is a 101% poison put.
The Stamford, Conn.-based personal care products company plans to use the proceeds to repay the bridge loan put in place to partially fund the acquisition of Dr. Fresh LLC and to repay the company’s second lien term loan.
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