Claire's Stores talks $400 million eight-year notes with 8¾%-9% yield

By Paul A. Harris

Portland, Ore., Feb. 16 - Claire's Stores, Inc. talked its $400 million offering of eight-year second-lien notes (Caa3) with an 8¾% to 9% yield on Wednesday, according to an informed source.

The order books close at 10 a.m. ET on Thursday.

Credit Suisse Securities, J.P. Morgan Securities LLC and Goldman Sachs & Co. are the joint bookrunners for the Rule 144A with registration rights offering.

The notes come with four years of call protection and feature a three-year 35% equity clawback and a 101% poison put.

Proceeds will be used to repay bank debt.

The prospective issuer is a Pembroke Pines, Fla.-based specialty retailer of jewelry and accessories.

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