By Paul A. Harris
St. Louis, June 24 - K2 Inc. priced an upsized $200 million of 10-year senior notes (Ba3/BB) at par on Thursday to yield 7 3/8%, according to market sources.
Price talk was 7 3/8% to 7 5/8%.
JP Morgan ran the books for the Rule 144A issue. Banc of America Securities was the co-manager.
Proceeds will be used to help fund the acquisition of Volkl Sports, The Marker Group and Marmot Mountain Ltd. and to repay debt.
The issuer is a Carlsbad, Calif., sporting goods manufacturer.
The issue was upsized from $150 million.
Issuer: | K2 Inc.
|
Amount: | $200 million, increased from $150 million
|
Maturity: | July 1, 2014
|
Security description: | Senior notes
|
Bookrunner: | JP Morgan
|
Co-manager: | Banc of America Securities
|
Coupon: | 7 3/8%
|
Price: | Par
|
Yield: | 7 3/8%
|
Call protection: | Make-whole call at Treasuries plus 50 basis points
|
Pricing date: | June 24
|
Settlement date: | July 1
|
Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB
|
Price talk: | 7 3/8%-7 5/8%
|
|
© 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.