By Paul A. Harris
St. Louis, May 16 - Hayes Lemmerz Finance Luxembourg SA priced an upsized €130 million issue of eight-year senior unsecured notes (Caa2/CCC+) at par to yield 8¼% on Wednesday, according to an informed source.
The issue was priced at the tight end of the 8¼% to 8½% price talk.
Deutsche Bank Securities, Citigroup and UBS Investment Bank were joint bookrunners for the Rule 144A and Regulation S offering, which was upsized from €115 million.
Proceeds will be used to refinance bank debt.
The issuer is a European subsidiary of Northville, Mich.-based Hayes Lemmerz International, Inc., a supplier of automotive wheels, brakes, powertrain, suspension, structural and other lightweight components.
| Issuer: | Hayes Lemmerz Finance Luxembourg SA
|
| Amount: | €130 million (increased from €115 million)
|
| Maturity: | June 15, 2015
|
| Security description: | Senior unsecured notes
|
| Bookrunners: | Deutsche Bank Securities, Citigroup, UBS Investment Bank
|
| Coupon: | 8¼%
|
| Price: | Par
|
| Yield: | 8¼%
|
| Spread: | 397 bps
|
| Call protection: | Callable on June 15, 2011 at 104.125, 102.063, par on and after June 15, 2013
|
| Trade date: | May 16
|
| Settlement date: | May 25
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 8¼% to 8½%
|
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