By Paul A. Harris
St. Louis, Aug. 12 - Norcraft Holdings LP, in conjunction with Norcraft Capital Corp., sold $80.333 million proceeds of zero-coupon eight-year senior discount notes (Caa1/B-) Thursday at 68.079505 to yield 9¾%, according to an informed source.
Price talk was 9¾% to 10%.
Proceeds from the $118 million face amount issue which will be used to fund a distribution to limited partners.
UBS Investment Bank ran the books for the Rule 144A/Regulation S issue. Wachovia Securities was the co-manager.
Norcraft is an Eagan, Minn., manufacturer, assembler and finisher of kitchen and bathroom cabinetry.
| Issuers: | Norcraft Holdings LP and Norcraft Capital Corp.
|
| Face amount: | $118 million
|
| Proceeds: | $80.333 million
|
| Maturity: | Sept. 1, 2012
|
| Security description: | Senior discount notes
|
| Bookrunner: | UBS Investment Bank
|
| Co-manager: | Wachovia Securities
|
| Coupon: | Zero for the first four years
|
| First cash payment: | March 1, 2009
|
| Price: | 68.079505
|
| Yield: | 9¾%
|
| Spread: | 569 basis points
|
| Call features: | Callable after Sept. 1, 2008 at 104.875, 102.438, par on or after Sept. 1, 2010
|
| Equity clawback: | Until Sept. 1, 2007 for 35% at 109.75
|
| Pricing date: | Aug. 12
|
| Settlement date: | Aug. 17
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Price talk: | 9¾%-10%
|
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