Published on 10/18/2010 in the Prospect News High Yield Daily.
New Issue: Exova prices £155 million eight-year senior notes at par to yield 10½%
By Paul A. Harris
St. Louis, Oct. 18 - Exova Ltd. priced a £155 million issue of eight-year senior unsecured notes (B3/B-/) at par to yield 10½% on Friday, according to an informed source.
Barclays Capital was the global coordinator and joint bookrunner. RBS Securities was a joint bookrunner.
Co-lead managers were BNP Paribas and RBC Capital Markets.
The London-based provider of laboratory-based testing and related advisory services will use the proceeds to refinance debt.
| Issuer: | Exova Ltd.
|
| Amount: | £155 million
|
| Maturity: | Oct. 15, 2018
|
| Securities: | Senior unsecured notes
|
| Global coordinator: | Barclays Capital
|
| Bookrunners: | Barclays Capital (bill and deliver), RBS Securities
|
| Co-lead managers: | BNP Paribas, RBC Capital Markets
|
| Coupon: | 10½%
|
| Price: | Par
|
| Yield: | 10½%
|
| Spread: | 806.3 bps
|
| Call features: | Callable on Oct. 15, 2014 at 105.25, 102.625, par on and after Oct. 15, 2016
|
| Trade date: | Oct. 15
|
| Settlement date: | Oct. 22
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
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