By Paul A. Harris
Portland, Ore., May 13 - Belgium's Ideal Standard International SA priced a €25 million add-on to its 11¾% senior secured notes due May 1, 2018 (Caa1//B+) at 102.75 to yield 11.168% on Friday, according to market sources.
Goldman Sachs International ran the books.
Proceeds will be used to fund capital expenditures and for general corporate purposes.
The issuer is a designer and manufacturer of residential plumbing fixtures and is based in Brussels, Belgium.
The original €250 million issue priced at par on April 20, 2011.
| Issuer: | Ideal Standard International SA
|
| Face amount: | €25 million
|
| Proceeds: | €25,688,000 (approximate)
|
| Maturity: | May 1, 2018
|
| Security description: | Add-on 11¾% senior secured notes
|
| Bookrunner: | Goldman Sachs International
|
| Coupon: | 11¾%
|
| Price: | 102.75
|
| Yield: | 11.168%
|
| Spread: | 836 bps
|
| Call protection: | Non-callable before May 1, 2014
|
| Trade date: | May 13
|
| Settlement date: | May 18
|
| Ratings: | Moody's: Caa1
|
| Fitch: B+
|
| Marketing: | Quick to market
|
| Original issue: | €250 million priced at par on April 20, 2011
|
| Total issue size: | €275 million
|
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