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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.

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