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Chiquita Brands high yield bonds price at 99.274 to yield 8%; terms

Chiquita Brands last night placed a $425 million offering of eight-year (non-call three) secured notes via bookrunners Bank of America, Wells Fargo Securities, Goldman Sachs, and Barclays. The notes priced at 99.274 to yield 8%, which is in line with guidance of 8% area. The B/B1-rated notes are not callable until Feb. 1, 2016, though there is a special call of 10% per annum at 103 during the non-call period, and the notes can be redeemed via the T+50 make-whole call before that date. The first call however is at an investor-friendly premium of par plus 75% coupon to balance the shorter-than-typical non-call period, according to sources. Proceeds from the notes, along with borrowing under a new ABL facility, will be used to repurchase in full the 7.5% notes due 2014 and refinance the company’s credit facility. Terms: 

Issuer Chiquita Brands
Ratings B/B1
Amount $425 million
Issue secured notes (144A)
Coupon 7.875%
Price 99.274
Yield 8%
Spread T+645
FRN eq. L+631
Maturity 1. Feb, 2021
Call nc3
Trade 29. Jan, 2013
Settle 5. Feb, 2013
Books BAML, WFS, GS, Barc
Co’s. Rabo, RBI, RBC
Px talk 8% area
Notes Special call of 10% p.a. at 103. Eq claw 35% at 107.875 till 1. Feb, 2016