By Paul A. Harris
St. Louis, Dec. 14 - Almatis Investment Holdings Sarl priced a $100 million issue of pay-in-kind notes due July 1, 2013 at par to yield 11%, according to a market source.
JP Morgan ran the books for the Regulation S issue.
The notes will be PIK for life.
Proceeds will be used to fund a dividend payment to shareholders.
Holding company Almatis Investment Holdings owns 90% of Almatis Holding BV, an alumina-based specialty materials and chemicals company based in Frankfurt, Germany.
Issuer: | Almatis Investment Holdings Sarl (newly formed holding company, which owns 90% of Almatis Holding BV)
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Amount: | $100 million
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Maturity: | July 1, 2013
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Security description: | Pay-in-kind notes
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Bookrunner: | JP Morgan
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Coupon: | PIK for life
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Price: | Par
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Yield: | 11%
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Spread: | 693 basis points
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Call features: | Callable after Jan. 1, 2006 at 103, 102, 101 and par
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Settlement date: | Dec. 21
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