By Paul A. Harris
Portland, Ore., April 19 - Germany's Dematic SA priced a $300 million issue of five-year senior secured first-lien notes (B3/B) at par to yield 8¾% on Tuesday, according to a market source.
The yield printed on top of the price talk.
The deal came at the middle of talk for a yield in the 8¾% area.
J.P. Morgan Securities LLC and Deutsche Bank Securities Inc. were the joint bookrunners.
The Germany-based supplier of logistics and materials handling solutions plans to use the proceeds to repay its term loan and to fund a dividend.
| Issuer: | Dematic SA
|
| Amount: | $300 million
|
| Maturity: | May 1, 2016
|
| Securities: | Senior secured first-lien notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Deutsche Bank Securities Inc.
|
| Coupon: | 8¾%
|
| Price: | Par
|
| Yield: | 8¾%
|
| Spread: | 668 bps
|
| First call: | May 1, 2018 at 104.375
|
| Trade date: | April 19
|
| Settlement date: | April 28
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8¾% area
|
| Marketing: | Roadshow
|
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