Community Education Pulls $210M HY Offer
February 19, 2010
Community Education Centers’ $210 million bond offering is the latest deal to fall off the forward high yield calendar, according to KDP Investment Advisors.
Price talk on the postponed or canceled $210 million in senior secured notes due 2016 had been between 12.75% and 13%, including an OID of 97 or 98. Jefferies was the sole bookrunner.
The West Caldwell, N.J.-based company provides educational and counseling services to inmates in correctional facilities.
A company representative was not immediately available for comment.
The withdrawal caps a week of pulled deals from the junk bond market. More than $5.8 billion has now been pulled from the high yield primary queue. Other recently pulled bond deals include Chaparral Energy’s $400 million offering, Hudson Products’ $250 million senior secured second-lien offering and a proposed $275 million offering from KEMET.
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