Published on 4/16/2021 in the Prospect News High Yield Daily.
New Issue: HighTower prices $300 million eight-year notes at par to yield 6¾%
By Paul A. Harris
Portland, Ore., April 16 – HighTower Holding LLC priced a $300 million issue of eight-year senior notes (Caa2/CCC) at par to yield 6¾% on Friday, according to market sources.
The yield printed at the tight end of the 6¾% to 7% yield talk. Initial talk was in the low 7% area.
Goldman Sachs & Co. LLC was the left bookrunner. Joint bookrunners were J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., UBS Securities LLC, Raymond James & Associates Inc. and Evercore.
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.
| Issuer: | HighTower Holding, LLC
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| Amount: | $300 million
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| Maturity: | April 15, 2029
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| Securities: | Senior notes
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| Left bookrunner: | Goldman Sachs & Co. LLC
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| Joint bookrunners: | J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Deutsche Bank Securities Inc., UBS Securities LLC, Raymond James & Associates Inc. and Evercore
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| Co-managers: | Regions Securities LLC and MUFG
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| Coupon: | 6¾%
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| Price: | Par
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| Yield: | 6¾%
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| Spread: | 535 bps
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| First call: | April 15, 2024 at 103.375
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| Trade date: | April 16
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| Settlement date: | April 21
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| Ratings: | Moody’s: Caa2
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| S&P: CCC
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| Distribution: | Rule 144A and Regulation S for life
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| Price talk: | 6¾% to 7%
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| Marketing: | Roadshow
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