By Paul A. Harris
St. Louis, Sept. 30 - Eco-Bat Finance plc priced an upsized €70 million add-on to its 10 1/8% senior guaranteed notes due Jan. 31, 2013 (B1/B) at 112.5 Thursday in London to yield 7.20%, according to a market source.
The add-on was increased from €65 million.
Price talk was in the 112.5 area. The original €165 million priced on Jan. 24, 2003, bringing the total size of the issue to €235 million.
Citigroup and Credit Suisse First Boston ran the books for the Rule 144A/Regulation S issue.
Eco-Bat Technologies Ltd. guarantees the notes.
Proceeds will be used for general corporate purposes, including repaying existing debt or financing future investments or strategic acquisitions.
Eco-Bat is a Matlock, U.K.-based recycling company.
| Issuer: | Eco-Bat Finance plc
|
| Amount: | €70 million (increased from €65 million)
|
| Maturity: | Jan. 31, 2013
|
| Security description: | Add-on to 10 1/8% senior guaranteed notes
|
| Bookrunners: | Credit Suisse First Boston, Citigroup
|
| Coupon: | 10 1/8%
|
| Price: | 112.5
|
| Yield: | 7.20%
|
| Spread: | 333 basis points
|
| Call features: | Callable from Jan. 31 2008 at 105.063, 103.375, 101.688, par on or after Jan. 31, 2011 and thereafter
|
| Equity clawback: | Until Jan. 31, 2006 for 35% at 110.125
|
| Pricing date: | Sept. 30
|
| Settlement date: | Oct. 7 with accrued interest
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B
|
| Price talk: | 112.5 area
|
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