By Michelle Anderson
Rochester, N.H., Feb. 27 - BSP Finance BV, a financing unit of PT Bakrie Sumatra Plantations Tbk., priced a $50 million add-on to its 10¾% senior secured notes due Nov. 1, 2011 at 101 on Tuesday, according to an informed source.
The price was set at the tight end of the 100.5 to 101 price talk.
Jefferies International Ltd. and PT Danatama Makmur were joint bookrunners for the notes, which were issued via Regulation S only with no registration rights.
The sale generated $50.5 million of proceeds, which will be used for acquisitions of businesses or assets and for capital expenditures.
The original $110 million issue priced at 98.00 in October 2006, resulting in an 11.278% yield to maturity.
Jakarta, Indonesia-based Bakrie Plantations is a rubber and palm oil producer.
| Issuer: | BSP Finance BV
|
| Face amount: | $50 million
|
| Proceeds: | $50.5 million
|
| Maturity: | Nov. 1, 2011
|
| Security description: | Add-on 10¾% to senior secured notes notes
|
| Bookrunners: | Jefferies International Ltd. and PT Danatama Makmur
|
| Coupon: | 10¾%
|
| Price: | 101
|
| Yield: | 10.463%
|
| Spread: | 587 bps
|
| Call features: | Callable on Nov. 1, 2009 at 105.375, 102.688, par on and after Nov. 1, 2011
|
| Equity clawback: | Until Nov. 1, 2009 for 35% at 110.75
|
| Trade date: | Feb. 27
|
| Settlement date: | Feb. 28, with accrued interest
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Regulation S without registration rights
|
| Price talk: | 100.50 to 101.00
|
| Original issue: | $110 million issue priced at 98.00 in October 2006, resulting in an 11.278% yield to maturity
|
| Total issue size: | $160 million
|
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