Published on 11/13/2001 in the Prospect News High Yield Daily.
New Issue: Chesapeake Corp. £115 million 10-years yield 10 3/8%
By Paul A. Harris
St. Louis, Mo., Nov. 13 - Chesapeake Corp. upsized its offering of 10-year senior subordinated notes Tuesday to £115 million from an announced £90 million and priced the deal at the tight end of talk, according to a syndicate source. The notes (B2/B+) came to market at par for a yield of 10 3/8%, compared to talk in the 10½% area.
Credit Suisse First Boston and Goldman Sachs & Co. were joint bookrunners. Co-managers were Banc of America Securities and Wachovia Securities.
Issuer: | Chesapeake Corp.
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Amount: | £115 million (upsized from £90 million)
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Type: | Senior subordinated notes
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Maturity: | Nov. 15, 2011
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Manager: | Credit Suisse First Boston, and Goldman Sachs (joint)
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Co-managers: | Banc of America Securities, and Wachovia Securities
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Coupon: | 10 3/8%
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Price: | Par
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Yield: | 10.375%
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Spread: | 592 basis points
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Call: | Beginning Nov. 15, 2006 at 105.187, then at 103.458, 101.729,
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| declining to par on Nov. 15, 2009
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Equity clawback: | 35% for three years
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Settlement date: | Nov. 19 (T+4)
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Ratings | Moody's B2
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| Standard & Poor's B+
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End
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