By Reshmi Basu
New York, Dec. 16 - Asia Aluminum Holdings Ltd. priced an upsized $450 million offering of seven-year senior notes (Ba3/BB) Thursday at par to yield 8%, according to a market source.
The deal, increased from $425 million, came at the tight end of guidance. Initial guidance had been set at 8% to 8¼%.
The notes carry a make-whole call at Treasuries plus 100 basis points and a 35% equity clawback for three years at 108.
Morgan Stanley ran the books for the Rule 144A/Regulation S deal. HSBC Bank acted as the co-manager.
Asia Aluminum, based in Hong Kong, is Asia's largest processed aluminum producer.
| Issuer: | Asia Aluminum Holdings Ltd.
|
| Amount: | $450 million
|
| Maturity: | Dec. 23, 2011
|
| Issue: | Senior notes
|
| Coupon: | 8%
|
| Issue price: | Par
|
| Yield: | 8%
|
| Spread: | Treasuries plus 410 basis points
|
| Call option: | Make-whole call at Treasuries plus 100 basis points
|
| Pricing date: | Dec. 16
|
| Settlement date: | Dec. 23
|
| Bookrunner: | Morgan Stanley
|
| Co-manager: | HSBC
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB
|
| Price talk: | 8% to 8¼%
|
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