By Reshmi Basu
New York, Jan. 24 - Independencia International Ltd. (Cayman incorporated) sold an upsized $225 million offering of 10-year senior unsecured notes (B3/B) at 99.221 with a 9 7/8% coupon to yield 10%, according to a market source.
The deal, increased from $150 million, came in line with price guidance that was in the 10% area.
Proceeds will be used to repay existing debt and for general corporate purposes.
ABN Amro was running the Rule 144A and Regulation S transaction.
Meat exporter Independencia Alimentos Ltda, which is based in Jordanesia, Brazil, will guarantee the issue.
| Issuer: | Independencia International Ltd. (Cayman incorporated)
|
| Guarantor: | Independencia Alimentos Ltda.
|
| Amount: | $225 million
|
| Issue: | Senior unsecured notes
|
| Maturity: | Jan. 31, 2017
|
| Coupon: | 9 7/8%
|
| Issue price: | 99.221
|
| Yield: | 10%
|
| Spread: | Treasuries plus 518.41 basis points
|
| Pricing date: | Jan. 24
|
| Settlement date: | Jan. 31
|
| Bookrunner: | ABN Amro
|
| Distribution: | Rule 144A/Regulation S
|
| Ratings: | Moody's: B3
|
| Standard & Poor: B
|
| Price guidance: | 10% area
|
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