By Paul A. Harris
St. Louis, June 5 - IFCO Systems NV priced an upsized €200 million issue of 10% seven-year senior secured notes (Ba3/BB-/) at 95.75 to yield 10 7/8% on Friday, according to a market source.
The yield came in the middle of the 10¾% to 11% price talk.
Deutsche Bank Securities Inc. ran the books for the deal, which was upsized from €180 million.
Proceeds will be used to pay down the Amsterdam-based logistics provider's 10 3/8% guaranteed senior secured notes due 2010 and to pay down its existing revolving credit facility.
The notes are expected to be listed on the Luxembourg Stock Exchange.
| Issuer: | IFCO Systems NV
|
| Amount: | €200 million, increased from €180 million
|
| Maturity: | June 30, 2016
|
| Security description: | Senior secured notes
|
| Bookrunner: | Deutsche Bank Securities Inc.
|
| Coupon: | 10%
|
| Price: | 95.75
|
| Yield: | 10 7/8%
|
| Spread: | 759 bps
|
| Call protection: | Callable on June 30, 2013 at 105.0
|
| Trade date: | June 5
|
| Settlement date: | June 12
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Price talk: | 10¾% to 11%
|
| Listing: | Luxembourg Stock Exchange
|
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