By Michelle Anderson
Rochester, N.H., March 27 - Coleman Cable, Inc. priced its upsized $120 million of 9 7/8% senior add on to notes (B2/B) due 2012 at 102.875 for a yield to worst of 8.9%, according to a market source.
The offering had been expected at a size of $100 million.
Wachovia Securities is the bookrunner on the 144A/Regulation S with registration rights deal.
Proceeds from the notes, along with a new credit facilities, will be used to finance the acquisition of Copperfield LLC.
Coleman priced the original $120 million of notes on Sept. 21, 2004 at par.
Coleman Cable is a Waukegan, Ill.-based manufacturer of electrical wire and cable products.
| Issuer: | Coleman Cable, Inc.
|
| Amount: | $120 million
|
| Security description: | Add on to 9 7/8% senior notes
|
| Maturity: | Oct. 1, 2012
|
| Coupon: | 9 7/8%
|
| Price: | 102.875
|
| Yield: | 8.9% (to worst)
|
| Spread: | 443 basis points
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Call features: | Oct.1, 2008 at 104.9375, Oct. 1, 2009 at 102.4688 and Oct. 1, 2010 at par
|
| Equity clawback: | 35% at 109.875 prior to Oct.1, 2007
|
| Bookrunner: | Wachovia Securities
|
| Trade date: | March 27
|
| Settlement date: | April 2
|
| Use of proceeds: | To partially fund the acquisition of Copperfield LLC
|
|
|
© 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.
