By Paul A. Harris
Portland, Ore., June 17 - Germany's Evonik Carbon Black Ltd. turned out final terms on a €603 million equivalent two-part offering of seven-year senior secured notes (B2/B/) on Friday, according to market sources.
The specialty chemical company priced a $350 million tranche of notes at par to yield 9 5/8%. The yield printed at the wide end of price talk, which had been set in the 9½% area. The dollar-denominated tranche had been announced to the market in a $250 million minimum amount.
Meanwhile Evonik priced a €355 million tranche of the notes at par to yield 10%. The yield on the euro-denominated notes printed 12.5 basis points beyond the wide end of price talk, which had been set in the 9¾% area. The euro-denominated tranche had been announced to the market in a €425 million maximum amount.
Goldman Sachs International and UBS were the global coordinators.
Goldman Sachs, UBS and Barclays were the joint bookrunners.
Goldman Sachs will bill and deliver.
The notes were issued via Evonik Carbon's intermediate holding company, Kinove German Bondco GmbH.
Proceeds, along with proceeds from new bank debt, will be used to help fund the buyout of Evonik Carbon by Rhone Capital LLC and Triton Advisers.
| Issuer: | Kinove German Bondco GmbH (Evonik Carbon Black Ltd.)
|
| Amount: | €603 million equivalent
|
| Maturity: | June 15, 2018
|
| Securities: | Senior secured notes
|
| Global coordinators: | Goldman Sachs International, UBS
|
| Joint bookrunners: | Goldman Sachs, UBS, Barclays
|
| Bill and deliver: | Goldman Sachs
|
| Trade date: | June 17
|
| Settlement date: | June 22
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Dollar-denominated notes
|
| Amount: | $350 million
|
| Coupon: | 9 5/8%
|
| Price: | Par
|
| Yield: | 9 5/8%
|
| Spread: | 738 bps
|
| Call features: | Callable on June 15, 2014 at 107.219, 104.8125, 102.406, par on and after June 15, 2017
|
| Price talk: | 9½% area
|
|
|
| Euro-denominated notes
|
| Amount: | €355 million
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Spread: | 744 bps
|
| Call features: | Callable on June 15, 2014 at 107.5, 105, 102.5, par on and after June 15, 2017
|
| Price talk: | 9¾% area
|
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