By Paul A. Harris
St. Louis, July 21 - Iansa Overseas (Cayman) priced $100 million of seven-year senior unsecured notes (/BB/BB) at par on Thursday to yield 7¼%, according to a market source.
The yield came in the middle of the 7 1/8% to 7 3/8% price talk.
ABN Amro ran the books for the Rule 144A/Regulation S offering.
Proceeds will be used to refinance existing debt.
The notes will be guaranteed by Empresas Iansa SA.
Iansa is a sugar producer based in Santiago, Chile.
| Issuer: | Iansa Overseas (Cayman)
|
| Amount: | $100 million
|
| Maturity: | July 28, 2012
|
| Security description: | Senior unsecured notes
|
| Bookrunner: | ABN Amro
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Spread: | 312 basis points
|
| Call features: | Make-whole call at U.S. Treasuries plus 75 basis points until July 28, 2009 then callable at 103.625, 101.813, par on and after July 28, 2011
|
| Trade date: | July 21
|
| Settlement date: | July 28
|
| Ratings: | Standard & Poor's: BB
|
| Fitch: BB
|
| Price talk: | 7 1/8% to 7 3/8%
|
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