New Issue: Bluewater Finance prices $75 million add-on at 100.5 to yield 10.14%

By Paul A. Harris

St. Louis, April 23 - Bluewater Finance priced a $75 million add-on to its senior notes due Feb. 15, 2012 (B1/B+) at 100.5 on Wednesday for a yield to worst of 10.14%, according to a market source.

Morgan Stanley was the bookrunner. ING Barings was co-manager, according to the source.

Proceeds from the Rule 144A deal will be used to repay bank debt.

The original $260 million offering priced on Feb. 14, 2002 at 98.471 to yield 10½%.

Issuer:	Bluewater Finance
Amount:	$75 million
Security description:	Add-on to 10¼% senior notes due 2012
Bookrunner:	Morgan Stanley
Co-manager:	ING Barings
Maturity:	Feb. 15, 2012
Coupon:	10¼%
Price:	100.5
Yield to worst:	10.14%
Spread:	625 basis points
Call features:	Callable on Feb. 15, 2007 at 105.125, then at 103.417, 101.708, declining to par on Feb. 15, 2010 and thereafter
Equity clawback:	Until Feb. 15, 2005 for 35% at 110.25
Ratings:	Moody's: B1
	Standard & Poor's: B+

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