By Paul A. Harris
Portland, Ore., Sept. 17 – JAC Products priced an upsized $150 million issue of five-year senior secured notes (B3/B/) at par to yield 11½% on Wednesday, according to an informed source.
The deal was upsized from $140 million.
The yield printed on top of yield talk.
Jefferies LLC was the bookrunner.
The Pontiac, Mich.-based designer and manufacturer of roof rack systems for light vehicles plans to use the proceeds to refinance debt and fund a distribution.
| Issuer: | JAC Products
|
| Amount: | $150 million, increased from $140 million
|
| Maturity: | Oct. 1, 2019
|
| Securities: | Senior secured notes
|
| Bookrunner: | Jefferies LLC
|
| Coupon: | 11½%
|
| Price: | Par
|
| Yield: | 11½%
|
| First call: | Oct. 1, 2017 at 105.75
|
| Equity clawback: | 35% at 111.5 until Oct. 1, 2017
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 17
|
| Settlement date: | Sept. 26
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 11½% area
|
| Marketing: | Roadshow
|
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