New Issue: High Ridge Brands prices $250 million eight-year notes at par to yield 8 7/8%

By Paul A. Harris

Portland, Ore., March 17 – High Ridge Brands Co. priced a $250 million issue of eight-year senior notes (Caa1/CCC+) at par to yield 8 7/8% on Friday, according to a market source.

The yield printed at the tight end of talk for a yield in the 9% area.

BMO Capital Markets Corp. was the left bookrunner. HSBC Securities (USA) Inc., ING Financial Markets LLC and SG Americas Securities LLC were the joint bookrunners.

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 its second lien term loan.

Issuer:	High Ridge Brands Co.
Amount:	$250 million
Maturity:	March 15, 2025
Securities:	Senior notes
Left bookrunner:	BMO
Joint bookrunners:	HSBC, ING, SG
Coupon:	8 7/8%
Price:	Par
Yield:	8 7/8%
Spread:	646 bps
Call:	Make-whole call at Treasuries plus 50 bps until March 15, 2020, then callable at 104.438
Equity clawback:	40% at 108.875 until March 15, 2020
Trade date:	March 17
Settlement date:	March 22
Ratings:	Moody’s: Caa1
	Standard & Poor’s: CCC+
Distribution:	Rule 144A and Regulation S for life
Price talk:	9% area
Marketing:	Roadshow

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