HighTower talks $300 million eight-year senior notes to yield 6¾%-7%; pricing Friday

By Paul A. Harris

Portland, Ore., April 15 – HighTower Holding LLC talked its $300 million offering eight-year senior notes (Caa2/CCC) to yield 6¾% to 7%, according to market sources.

Official talk comes tight to initial talk in the low 7% area.

Demand was already three-times the size of the offer late Thursday, a trader said.

The deal is set to price on Friday.

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 Inc. 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.

© 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.