Published on 1/29/2004 in the Prospect News High Yield Daily.
New Issue: Advanced Accessory Holdings downsizes to $50.272 million proceeds
By Paul A. Harris
St. Louis, Jan. 29 - Advanced Accessory Holdings Corp. sold $88 million of senior discount notes due Dec. 15, 2011 (Caa1/CCC+) at 57.128, on Thursday, to yield 13 ¼%, according to an informed source.
The sale generated $50,272,659.00 of proceeds, decreased from $60 million.
Bear Stearns & Co. ran the books on the Rule 144A deal.
Proceeds will be used to fund a distribution to shareholders.
The issuer is a Sterling Heights, Mich. manufacturer of exterior accessories (rack and towing systems) for the automotive original equipment and aftermarket.
| Issuer: | Advanced Accessory Holdings Corp.
|
| Face amount: | $88 million
|
| Proceeds: | $50,272,649 (decreased from $60 million)
|
| Maturity: | Dec. 15, 2011
|
| Security description: | Senior discount notes
|
| Bookrunner: | Bear Stearns & Co.
|
| Coupon: | Zero for until June 15, 2008
|
| Price: | 57.128
|
| Yield: | 13¼%
|
| Spread: | 930 basis points
|
| Call features: | Callable after Dec. 15, 2009 for 113.25, 106.625, par on Dec. 15, 2011 and thereafter
|
| Equity clawback: | Until June 15, 2007 for 35% at 113.25 accreted
|
| Settlement date: | Feb. 4, 2004
|
| Ratings: | Moody’s: Caa1
|
| Standard & Poor’s: CCC+
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
