By Paul A. Harris
St. Louis, Sept. 15 - Kerzner International Ltd. priced a $400 million issue of 10-year senior subordinated notes (B2/B) at par to yield 6¾% in a quick-to-market transaction, according to a syndicate source.
The yield came on top of the 6¾% area price talk.
Deutsche Bank Securities and JP Morgan ran the books for the Rule 144A/Regulation S issue. The co-managers were Bear Stearns & Co., Goldman Sachs, Merrill Lynch & Co., Wachovia Securities and Wells Fargo Securities.
Proceeds, together with cash on hand, will be used to finance the tender for $400 million of the company's 8 7/8% senior subordinated notes.
Kerzner is an international developer and operator of destination resorts, casinos and luxury hotels and is based in Paradise Island, The Bahamas.
Issuer: | Kerzner International Ltd.
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Amount: | $400 million
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Maturity: | Oct. 1, 2015
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Security description: | Senior subordinated notes
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Bookrunners: | Deutsche Bank Securities, JP Morgan
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Co-managers: | Bear Stearns & Co., Goldman Sachs, Merrill Lynch & Co., Wachovia Securities, Wells Fargo Securities
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Coupon: | 6¾%
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Price: | Par
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Yield: | 6¾%
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Spread: | 254 basis points
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Call protection: | Five years
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Trade date: | Sept. 15
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Settlement date: | Sept. 22
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Ratings: | Moody's: B2
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| Standard & Poor's: B
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Price talk: | 6¾% area
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