Interval Leisure talks $300 million eight-year notes to yield 5½%-5¾%; pricing Thursday

By Paul A. Harris

Portland, Ore., April 1 – Interval Acquisition Corp., a wholly owned subsidiary of Interval Leisure Group, talked its $300 million offering of eight-year senior notes (Ba3/BB-) to yield 5½% to 5¾%, according to a syndicate source.

Books close at 4:30 p.m. ET on Wednesday, and the Rule 144A and Regulation S with registration rights deal is set to price Thursday.

Official talk comes tight to earlier guidance in the high 5s, according to a trader.

Wells Fargo Securities LLC is the left bookrunner. BofA Merrill Lynch, PNC Capital Markets and SunTrust Robinson Humphrey Inc. are the joint bookrunners.

Fifth Third Securities, J.P. Morgan Securities LLC and MUFG are the co-managers.

The notes become callable after three years at par plus 75% of the coupon.

The Miami-based company plans to use the proceeds to repay bank debt.

Interval Leisure provides travel- and leisure-related products via memberships and exchange programs.

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