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Dispensing Dynamics bonds price at 98 to yield 13%; terms

Dispensing Dynamics International (DDI), a maker of paper-towel and soap dispensers, this afternoon completed an inaugural offering of secured notes via sole lead Jefferies, according to sources. The deal comes under Rule 144A for life, with terms at prescribed guidance. The company seeks capital to fund a dividend to shareholders and to refinance debt. The latter includes term debt, borrowings under a revolving credit line, and seller notes, according to sources. Industry, Calif.-based DDI is owned by management and Kinderhook Industries, which purchased a controlling stake in the business in May 2007. Terms:

Issuer Dispensing Dynamics International
Ratings B-/B3
Amount $130 million
Issue secured notes (144A for life)
Coupon 12.5%
Price 98
Yield 13.055%
Spread T+1,228
FRN eq. L+1,217
Maturity Jan. 1, 2018
Call nc3
Trade Dec. 19, 2012
Settle Dec. 31, 2012 (t+7)
Jt. Books JEFF
Px talk 12.5% @ 98
Notes upsized by $5 million.