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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
  Ratings B+/B2
  Amount $60 million
  Issue series B secured notes (144A)
  Coupon 13.25%
  Price 107
  Yield 10.45% (to worst) / 11.03% (to maturity)
  Spread n/a
  LIBOR eq. n/a
  Maturity July 15, 2015
  Call nc2 (originally nc3)
  Trade July 19, 2011
  Settle July 22, 2011 (t+3)
  Books JEFF
  Co's. Stephens
  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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