By Aaron Hochman-Zimmerman
New York, Sept. 28 - Corporacion Durango SAB de CV priced $520 million of 10-year senior unsecured notes (/B+/B+) at par to yield 10½%, according to a market source.
The deal's terms matched talk for a yield in the 10½% area.
Merrill Lynch was bookrunner for the Rule 144A and Regulation S deal.
The bonds are non-callable for five years and will mature on Oct. 5, 2017.
Proceeds from the sale will be used to refinance existing debt and for general corporate purposes.
Corporacion Durango is a Durango, Mexico-based bag and box manufacturer.
| Issuer: | Corporacion Durango SAB de CV
|
| Amount: | $520 million
|
| Issue: | Senior notes
|
| Maturity: | Oct. 5, 2017
|
| Coupon: | 10½%
|
| Price: | Par
|
| Yield: | 10½%
|
| Call: | Starting 2012
|
| Bookrunner: | Merrill Lynch
|
| Pricing date: | Sept. 28
|
| Settlement date: | Oct. 5
|
| Distribution: | Rule 144A, Regulation S
|
| Rating: | Standard & Poor's: B+
|
| Fitch: B+
|
| Price talk: | 10½%
|
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