New Issue: Innova upsizes 10-year notes to $300 million, yield 9 3/8%

By Paul A. Harris

St. Louis, Sept. 12 - Innova S de RL de CV upsized to $300 million from $200 million its offering of senior unsecured notes due Sept. 19, 2013 (B3/B+) and priced it at par to yield 9 3/8%, according to market sources.

Price talk was for a yield in the 9½% area.

Citigroup and JP Morgan were joint bookrunners on the Rule 144A/Regulation S (with registration rights) offering.

Proceeds will be used to partially refinance Innova's $375 million of senior notes due 2007.

The Mexico City-based issuer is a satellite television service provider.

Issuer:	Innova S de RL de CV
Amount:	$300 million (from $200 million)
Maturity:	Sept. 19, 2013
Security description:	Senior unsecured notes
Bookrunners:	Citigroup, JP Morgan
Coupon:	9 3/8%
Price:	Par
Yield:	9 3/8%
Spread:	516 basis points
Call features:	Callable on Sept. 19, 2008 at 104.688 103.125, 101.563, par on Sept. 19, 2011 and thereafter
Settlement date:	Sept. 19, 2003
Ratings:	Moody's: B3
	Standard & Poor's: B+
Price talk:	9 ½% area

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