New Issue: Chassix sells upsized $150 million 10%/10¾% PIK toggle notes due 2018 at 98

By Paul A. Harris

Portland, Ore., Dec. 10 - Chassix Holdings, Inc. priced an upsized $150 million issue of five-year senior PIK toggle notes at 98 to yield 10.53% on Tuesday, according to an informed source.

The deal was upsized from $125 million and priced in line with price talk.

BofA Merrill Lynch was the left bookrunner for the quick-to-market deal. BMO Securities was the joint bookrunner.

The Southfield, Mich.-based manufacturer of chassis components plans to use the proceeds to fund a dividend.

Issuer:	Chassix Holdings, Inc.
Face amount:	$150 million, increased from $125 million
Proceeds:	$147 million
Maturity:	Dec. 15, 2018
Securities:	Senior PIK toggle notes
Left bookrunner:	BofA Merrill Lynch
Joint bookrunner:	BMO Securities
Cash coupon:	10%
PIK coupon:	10¾%
Price:	98
Cash yield:	10.53%
First call:	Aug. 1, 2015 at 103
Trade date:	Dec. 10
Settlement date:	Dec. 13
Ratings:	Moody's: Caa3
	Standard & Poor's: CCC
Distribution:	Rule 144A for life
Price talk:	10% at 98
Marketing:	Quick to market

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