Jul 19, 2011 3:58:15 PM EDT
TitleMax places 13.25% add-on bonds at 107 to yield 11%; terms
TitleMax today reopened its 13.25% secured notes due 2015 via lead Jefferies and co-manager Stephens, according to sources. The $60 million non-fungible add-on was upsized by $10 million, bringing the total outstanding in the two series to $310 million. Issuance was at 107-area price talk, versus recent trades at 113 and original issuance one year ago at 99.1, sources note. Proceeds support general corporate purposes. Terms:
|Issuer||TitleMax / TMX Finance|
|Issue||series B secured notes (144A)|
|Yield||10.45% (to worst) / 11.03% (to maturity)|
|Maturity||July 15, 2015|
|Call||nc2 (originally nc3)|
|Trade||July 19, 2011|
|Settle||July 22, 2011 (t+3)|
|Px talk||107 area|
|Notes||upsized by $10 million; w/ two-year equity clawback for up to 35% @ 113.25; w/ change-of-control put @101|
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