By Reshmi Basu
New York, June 22 - IndoCoal Exports (Cayman) Ltd. priced $600 million of seven-year senior secured notes (//BBB-) at par to yield 7.134%, or 350 basis points over Treasuries, according to a market source.
The deal priced at the wide end of price guidance. Guidance was set at Treasuries plus 325 to 350 bps.
The notes will have a 3.1-year average life and will be secured by the coal export receivables of PT Kaltim Prima Coal and PT Arutmin Indonesia.
Proceeds will be used to refinance debt.
Merrill Lynch was the sole bookrunner for the offering of asset-backed securities.
IndoCoal is a subsidiary of Indonesian mining firm PT Bumi Resources Tbk.
| Issuer: | IndoCoal Exports (Cayman) Ltd.
|
| Amount: | $600 million
|
| Issue: | Senior secured asset-backed securities
|
| Maturity: | July 6, 2012
|
| Average life: | 3.1 years
|
| Coupon: | 7.134%
|
| Issue price: | Par
|
| Yield: | 7.134%
|
| Spread: | 350 basis points over Treasuries
|
| Pricing date: | June 22
|
| Settlement date: | July 6
|
| Bookrunner: | Merrill Lynch
|
| Rating: | Fitch: BBB-
|
| Price guidance: | Treasuries plus 325-350 bps
|
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