latest-news-headlines Market Intelligence /marketintelligence/en/news-insights/latest-news-headlines/high-yield-bond-news/tmx-finance-pik-toggle-notes-price-at-98-to-yield-11-82-terms content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In this list

TMX Finance PIK-toggle notes price at 98 to yield 11.82%; terms

S&P: BBB downgrade risks in Europe look manageable

Churchill Downs announces $400M of eight-year notes for debt refi

Judge dismisses Marble Ridge claims over Neiman's MyTheresa transfer

Affinion receives consents for recap, covenant elimination


TMX Finance PIK-toggle notes price at 98 to yield 11.82%; terms

TMX Finance Holdings yesterday completed an offering of senior PIK-toggle notes in a private placement, according to sources. Jefferies was lead placement agent and sole closing agent on the transaction and Seaport Group was a co-placement agent. Proceeds fund general corporate purposes and a distribution. The coupon is 11% when paying in cash or in-kind. PIK interest payments will be made only if TMX Finance is not permitted to pay a dividend to the issuer to allow for a cash payment, and is not in default, sources said. Savannah, Ga.-based TMX Finance is an originator and servicer of automobile title loans in the U.S. under the TitleMax, TitleBucks, and EquityAuto Loan brands. Terms:

Issuer TMX Finance Holdings
Ratings nr/nr
Amount $100 million
Issue senior PIK toggle notes
Coupon 11.00% (cash / PIK)
Price 98
Yield 11.816%
Spread n/a
FRN eq. n/a
Maturity Oct. 15, 2015
Call nc9mo (July 15, 2013)
Trade Oct. 31, 2012
Settle
Lead Placement Agent Jeff
Co-Placement Agent Seaport
Co’s.
Px talk
Notes w/ 35% equity clawback @ 111 until July 15, 2012; carries T+50 make-whole call; w/ change of control put @ 101.