New Issue: Burns Philp upsizes eight-year notes to $199 million proceeds, yield 11¾%

By Paul A. Harris

St. Louis, Feb. 12 - Burns Philp & Co. Ltd. upsized its offering of eight-year notes to $199.3 million proceeds from a planned size of $150 million and priced them at a discounted price of 94.913 to yield 11¾%, according to a syndicate source.

The $210 million face amount of 10¾% senior subordinated notes due Feb. 15, 2011 (B3/B-) were issued jointly through Burns Philp Capital Pty Ltd. and Burns Philp Capital (U.S.) Inc.

Price talk was 11½%-11¾%.

Credit Suisse First Boston was the bookrunner.

The Sydney, Australia-based baking supplies firm will use proceeds from the Rule 144A deal to help fund the acquisition of Goodman Fielder.

Issuer:	Burns Philp Capital Pty Ltd./Burns Philp Capital (U.S.) Inc.
Face amount:	$210 million
Proceeds:	$199,317,300
Maturity:	Feb. 15, 2011
Security description:	Senior subordinated notes
Bookrunner:	Credit Suisse First Boston
Coupon:	10¾%
Price:	94.913
Yield:	11¾%
Spread:	804 basis points over 5% Treasury due February 2011
Call features:	Callable on Feb. 15, 2007 at 105.375, then at 102.688, declining to par on Feb. 15, 2009 and thereafter
Equity clawback:	Until Feb. 15, 2006 for up to 35% at 110.750
Settlement date:	Feb. 20, 2003 (T+5)
Ratings:	Moody's: B3
	Standard & Poor's: B-
Rule 144A Cusip:	122394AA7
Price talk:	11½%-11¾%

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