By Paul Deckelman
New York, July 9 - Almatis Holding BV (B3/B-) priced €150 million eight-year senior notes at par to yield 9%, according to high yield syndicate sources.
The deal priced at the tight end of pre-deal market price talk, which had anticipated a yield in the 9% to 9½% range.
The yield was equivalent to a spread of 502 basis points over the comparable German bund.
The notes - which are not callable for the first three years after issue, except for a make-whole call, were sold under Rule 144A and Regulation S, with no registration rights.
They were brought to market via joint bookrunners JP Morgan Securities and ING following a short roadshow that began Tuesday July 6. Scotia Capital was a co-manager on the offering.
Almatis, a Frankfurt, Germany-based alumina-based specialty materials and chemicals producer, is expected to use the new-deal proceeds to repay bank debt, mezzanine debt, a shareholder loan and preferred stock.
| Issuer: | Almatis Holding BV
|
| Amount: | €$150 million
|
| Security description: | Senior notes
|
| Bookrunners: | JP Morgan Securities, ING
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| Co-manager: | Scotia Capital
|
| Maturity: | July 15, 2012
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| Coupon: | 9%
|
| Price: | Par
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| Yield: | 9%
|
| Spread: | 502 basis points over Bunds
|
| Call features: | Make-whole call at Bunds plus 50 bps for first three years, then at a premium
|
| Equity clawback: | Until Feb. 15, 2006 for 35% at 110.25
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Settlement date: | July 14 (T+3), flat
|
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