Published on 7/23/2007 in the Prospect News High Yield Daily.
New Issue: Intergen prices downsized $1.875 billion multi-currency 10-year notes
By Paul A. Harris
St. Louis, July 23 - Intergen NV placed a downsized $1.875 billion equivalent amount of 10-year senior secured notes (Ba3/BB-) in three tranches on Monday, according to an informed source.
The Burlington, Mass.-based power generation company priced $1.26 billion of 9% notes at 99.189 to yield 9 1/8%. The yield was printed 12.5 basis points beyond the wide end of the revised 8 7/8% to 9% price talk, which was increased from the 8½% area.
Intergen also priced a downsized €150 million of 8½% notes at 99.174 to yield 8 5/8%. The euro-denominated notes also priced 12.5 bps beyond the wide end of the 8 3/8% to 8½% price talk, which had been increased from the 8% area. The euro-denominated tranche was downsized from the planned €200 million to €300 million range.
In addition Intergen priced a downsized £200 million tranche of 9½% notes at 99.209 to yield 9 5/8%.
As with the dollar-denominated and euro-denominated notes, the sterling-denominated notes came 12.5 bps beyond the wide end of the 9 3/8% to 9½% price talk, which had been increased from the 9% area. The sterling-denominated tranche was downsized from the planned £250 million to £300 million range.
The overall transaction was downsized by $100 million equivalent, from $1.975 equivalent.
Merrill Lynch & Co., Barclays Capital, Deutsche Bank AG London and Lehman Brothers were the underwriters.
Proceeds will be used to refinance leveraged buyout-related debt.
| Issuer: | Intergen NV
|
| Amount: | $1.875 billion (decreased from $1.975 billion)
|
| Maturity: | June 30, 2017
|
| Security description: | Senior secured notes
|
| Underwriters: | Merrill Lynch & Co., Barclays Capital, Deutsche Bank AG London, Lehman Brothers
|
| Trade date: | July 23
|
| Settlement date: | July 31
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
|
|
| Dollar-denominated notes
|
| Amount: | $1.26 billion
|
| Coupon: | 9%
|
| Price: | 99.189
|
| Yield: | 9 1/8%
|
| Spread: | 416 bps
|
| Call features: | Callable on June 30, 2012 at 104.50, 103.0, 101.5, par on and after June 30, 2015
|
| Equity clawback: | Until June 30, 2010 for 35% at 109.0
|
| Price talk: | 8 7/8% to 9% (increased from 8½% area)
|
|
|
| Euro-denominated notes
|
| Amount: | €150 million (decreased from €200 million to €300 million)
|
| Coupon: | 8½%
|
| Price: | 99.174
|
| Yield: | 8 5/8%
|
| Spread: | 420 bps
|
| Call features: | Callable on June 30, 2012 at 104.25, 102.833, 101.417, par on and after June 30, 2015
|
| Equity clawback: | Until June 30, 2010 for 35% at 108.50
|
| Price talk: | 8 3/8% to 8½% (increased from 8% area)
|
|
|
| Sterling-denominated notes
|
| Amount: | £200 million (decreased from £250 million to £300 million)
|
| Coupon: | 9½%
|
| Price: | 99.209
|
| Yield: | 9 5/8%
|
| Spread: | 429 bps
|
| Call features: | Callable on June 30, 2012 at 104.75, 103.167, 101.583, par on and after June 30, 2015
|
| Equity clawback: | Until June 30, 2010 for 35% at 109.50
|
| Price talk: | 9 3/8% to 9½% (increased from 9% area)
|
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