By Reshmi Basu
New York, Nov. 6 - Mexican copper products manufacturer Industrias Unidas, SA de CV placed a $200 million offering of 10-year senior notes (B3 expected/B) at par to yield 11½%, according to a market source.
The deal came in line with price talk of 11½%.
Morgan Stanley was the bookrunner for the Rule 144A and Regulation S deal.
The notes come with five years of call protection.
The issuer produces copper tubing, wire and cable, valves, controls, residential wiring devices, distribution transformers, and watt-hour meters.
| Issuer: | Industrias Unidas, SA de CV
|
| Amount: | $200 million
|
| Issue: | Senior notes
|
| Maturity: | Nov. 15, 2016
|
| Coupon: | 11½%
|
| Issue price: | Par
|
| Yield: | 11½%
|
| Spread: | Treasuries plus 677 basis points
|
| Call option: | Callable on Nov. 15, 2011 at 105.75
|
| Pricing date: | Nov. 6
|
| Settlement date: | Nov. 13
|
| Bookrunner: | Morgan Stanley
|
| Ratings: | Moody's: B3 expected
|
| Standard & Poor's: B
|
| Price guidance: | 11½%
|
| Distribution: | Rule 144A and Regulation S
|
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