By Paul A. Harris
Portland, Ore., Nov. 21 - Poland's Ciech SA priced a €245 million issue of seven-year senior secured notes (B2/B/) at par to yield 9½% on Wednesday, according to market sources.
The yield printed at the tight end of the 9½% to 9¾% yield talk.
The deal was marketed at a size of €225 million minimum.
Joint bookrunner Credit Suisse will bill and deliver for the Rule 144A and Regulation S deal. Barclays was also a joint bookrunner.
In addition to the euro-denominated deal the financing included PLN 382 million of notes sold into the domestic market, according to a debt capital markets banker in London, who added that the zloty deal terms were not widely circulated.
The Warsaw-based soda ash producer plans to use the proceeds to repay bank and bond debt.
| Issuer: | Ciech Group Financing AB
|
| Amount: | €245 million (marketed at €225 million minimum)
|
| Maturity: | Nov. 30, 2019
|
| Securities: | Senior secured notes
|
| Bookrunners: | Credit Suisse, Barclays
|
| Bill and deliver: | Credit Suisse
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Spread: | 858 bps
|
| Call features: | Callable on Nov. 30, 2015 at 107.125, 104.75, 102.375, par on and after Nov. 30, 2018
|
| Trade date: | Nov. 21
|
| Settlement date: | Nov. 28
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 9½% to 9¾%
|
| Marketing: | Roadshow
|
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