By Christine Van Dusen
Atlanta, July 14 – Brazil’s Cimento Tupi SA priced $350 million 10-year notes (expected ratings: /BB-/BB) at par to yield 6 5/8%, a market source said.
The notes were talked in the 7% area.
BB Securities, Bradesco BBI, Citigroup and Morgan Stanley were the bookrunners for the Rule 144A and Regulation S deal.
The proceeds will be used to prepay debt and for general corporate purposes.
The issuer is a Sao Paulo-based cement products and services company.
| Issuer: | Cimento Tupi SA
|
| Amount: | $350 million
|
| Maturity: | July 17, 2024
|
| Description: | Notes
|
| Bookrunners: | BB Securities, Bradesco BBI, Citigroup, Morgan Stanley
|
| Coupon: | 6 5/8%
|
| Price: | Par
|
| Yield: | 6 5/8%
|
| Change-of-control put: | At 101%
|
| Trade date: | July 11
|
| Settlement date: | July 17
|
| Distribution: | Rule 144A and Regulation S
|
| Expected ratings: | Standard & Poor’s: BB-
|
| Fitch: BB
|
| Price talk: | 7% area
|
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