HighTower starts roadshow for $300 million eight-year senior notes; initial talk low 7% area

By Paul A. Harris

Portland, Ore., April 13 – HighTower Holding LLC started a roadshow on Tuesday for a $300 million offering eight-year senior notes (Caa2/CCC), according to market sources.

The deal, which was set to kick off on a Tuesday conference call with investors, comes with initial talk in the low 7% area, a trader said.

The roadshow wraps up on Thursday.

Goldman Sachs & Co. LLC is the left bookrunner. J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., UBS Securities LLC, Raymond James & Associates and Evercore are the joint bookrunners.

Regions Securities LLC and MUFG are the co-managers.

The Rule 144A and Regulation S for life notes become callable after three years at par plus 50% of the coupon.

The Chicago-based registered investment adviser plans to use the proceeds plus proceeds from a new term loan and an equity contribution to repay its existing credit facilities, with any remainder to be used for general corporate purposes.

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