By Paul A. Harris
Portland, Ore., Jan. 24 – Lions Gate Capital Holdings LLC priced an upsized $550 million issue of five-year senior notes (B2/B) at par to yield 6 3/8% in a quick-to-market Thursday transaction, according to market sources.
The deal size increased from $400 million.
The yield printed at the tight end of yield talk in the 6½% area and tighter than initial talk in the 6½% to 6¾% area, a trader said.
J.P. Morgan Securities LLC, BofA Merrill Lynch, MUFG, RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp. and SG CIB are the joint bookrunners for the Rule 144A and Regulation S for life offering.
The Santa Monica, Calif.-based entertainment company plans to use the proceeds, including the additional proceeds resulting from the $150 million upsizing of the deal, to pay down its revolving credit facility, with any remaining proceeds to be used for working capital and other general corporate purposes.
| Issuer: | Lions Gate Capital Holdings LLC
|
| Amount: | $550 million, increased from $400 million
|
| Maturity: | Feb. 1, 2024
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, MUFG, RBC Capital Markets LLC, SunTrust Robinson Humphrey Inc., Wells Fargo Securities LLC, BNP Paribas Securities Corp. and SG CIB
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Spread: | 382 bps
|
| Call protection: | Two years
|
| Trade date: | Jan. 24
|
| Settlement date: | Feb. 4
|
| Ratings: | Moody's: B2
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6½% area
|
| Marketing: | Quick to market
|
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