By Paul A. Harris
St. Louis, Dec. 16 - Hyundai Motor Manufacturing Alabama LLC priced an upsized issue of $400 million five-year senior unsecured notes (Ba1/BB+) at 99.753 with a 5.3% coupon to yield 5.357%, or 212 basis points over Treasuries, a market source said.
The offering, which matures Dec. 19, 2008, was increased from $300 million. Price talk was in the area of 215 basis points.
Goldman Sachs & Co. ran the books on the Rule 144A/Regulation S issue, which is without registration rights.
The notes will be guaranteed by Hyundai Motor Co.
Hyundai plans to use proceeds to fund plant construction in Alabama.
| Issuer: | Hyundai Motor Manufacturing Alabama LLC
|
| Amount: | $400 million (increased from $300 million)
|
| Maturity: | Dec. 19, 2008
|
| Security description: | Senior unsecured notes
|
| Bookrunner: | Goldman Sachs & Co.
|
| Coupon: | 5.3%
|
| Price: | 99.753
|
| Yield: | 5.357%
|
| Spread: | 212 basis points
|
| Call protection: | Non-callable for life
|
| Settlement date: | Dec. 19
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Price talk: | 215 basis points area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
