By Paul A. Harris
St. Louis, Sept. 5 - Equus Cayman Finance Ltd. priced an upsized issue of $400 million 5½% senior guaranteed notes due Sept. 12, 2008 (Ba1/BB+) at 99.634 Friday to yield 5.585%, according to market sources.
The deal was increased from a planned $300 million.
JP Morgan, Morgan Stanley and Credit Suisse First Boston were underwriters of the Rule 144A offering.
Proceeds will be used to fund the purchase of Kia Motors shares.
The notes are guaranteed by Hyundai Motor Co.
| Issuer: | Equus Cayman Finance Ltd.
|
| Amount: | $400 million (increased from $300 million)
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| Maturity: | Sept. 12, 2008
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| Security description: | Senior guaranteed notes
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| Underwriters: | JP Morgan, Morgan Stanley, Credit Suisse First Boston
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| Coupon: | 5½%
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| Price: | 99.634
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| Yield: | 5.585%
|
| Spread: | 223 basis points
|
| Calls: | Make-whole call at T+25 basis points
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
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