By Michelle Anderson
Rochester, N.H., March 23 - EB Holdings, Inc. priced its €600 million fixed-rate PIK loan (Ba3/B+) at 99 with a coupon at 11%, according to market sources.
The coupon had been talked at 10 ¾% to 11% but the dollar price came in as expected.
Credit Suisse and Citigroup are joint bookrunners on the deal.
Proceeds will be used to repay existing PIK notes and to fund a dividend to shareholders.
EB Holdings, Inc. is the parent of Eco-Bat Technologies, a U.K.-based battery recycling company.
| Issuer: | EB Holdings Inc.
|
| Amount: | €600 million
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| Issue: | Senior PIK loan
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| Bookrunners: | Credit Suisse, Citigroup
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| Maturity: | March 31, 2017
|
| Coupon: | 11%
|
| Price: | 99
|
| Ratings: | Moody's Ba3
|
| Standard & Poor's B+
|
| Call features: | Non-callable until Jan. 31, 2008 then at 100, 102, 101, and 100.
|
| Price talk: | 99
|
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