By Paul A. Harris
St. Louis, May 6 - International Power Finance (2010) plc priced a €250 million issue of 7¼% seven-year senior notes (Ba3/BB/) at 99.33 to yield 7 3/8% on Thursday, according to market sources.
The yield printed at the tight end of the 7½% area price talk.
Barclays Capital and Deutsche Bank Securities were the global coordinators. Citigroup and RBS Securities were the joint bookrunners.
Co-managers were BNP Paribas, Credit Agricole, HSBC, ING and Lloyds.
Proceeds will be used for general corporate purposes.
The issuer is a financing unit of London-based global power plant developer and operator International Power plc.
| Issuer: | International Power Finance (2010) plc
|
| Amount: | €250 million
|
| Maturity: | May 11, 2017
|
| Securities: | Senior notes
|
| Global coordinators: | Barclays Capital, Deutsche Bank Securities
|
| Bookrunners: | Citigroup, RBS Securities
|
| Co-managers: | BNP Paribas, Credit Agricole, HSBC, ING, Lloyds
|
| Coupon: | 7¼%
|
| Price: | 99.33
|
| Yield: | 7 3/8%
|
| Spread: | 509 bps
|
| Call protection: | Non-callable
|
| Trade date: | May 6
|
| Settlement date: | May 11
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A/Regulation S for life
|
| Price talk: | 7½% area
|
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