Jack Cooper this afternoon completed its $150 million offering of senior PIK toggle notes via Wells Fargo and Barclays. Terms were finalized wide of talk. Proceeds will be used to fund a dividend. Privately held Jack Cooper Transport, based in Kansas City, Mo., transports new and pre-owned passenger vehicles, light trucks, and sport-utility vehicles. Terms:
| Issuer | Jack Cooper | |
| Ratings | CCC-/Caa2 | |
| Amount | $150 million | |
| Issue | senior PIK toggle (144A-life) | |
| Coupon | 10.5%/11.25% | |
| Price | 98 | |
| Yield | 11.06% (cash) | |
| Spread | T+951 | |
| Maturity | March 15, 2019 | |
| Call | nc2 @102 | |
| Trade | June 5, 2014 | |
| Settle | June 10, 2014 (T+3) | |
| Lead Books | WFS/Barclays | |
| Px talk | 9.75-10% cpn @ 99 |