New Issue: International Specialty Holdings $200 million eight-years yield 10.625%

By Paul A. Harris

St. Louis, Mo., Dec. 7 - International Specialty Holdings, Inc. priced $200 million of senior secured notes due Dec. 15, 2009 (B+) at par Friday for a yield of 10.625%, the low end of the 10 5/8%-10 7/8% price talk, according to a syndicate official.

The Rule 144A offering of notes non-callable for four years was managed by joint bookrunners Bear Stearns & Co. and UBS Warburg.

Issuer:	International Specialty Holdings, Inc.
Amount:	$200 million
Maturity:	Dec. 15, 2009
Type:	Senior secured notes
Bookrunners:	Bear Stearns, UBS Warburg
Coupon:	10 5/8%
Price:	Par
Yield:	10.625%
Spread:	560 basis points
Call features:	Callable on Dec. 15, 2005 at 105.313, then at 103.542, 101.771,
	declining to par on Dec. 15, 2008
Equity clawback:	Until Dec. 15, 2004 for 35% at 110.625
Settlement date:	Dec. 13 (T+4)
Ratings:	Standard & Poor's: B+
Cusip:	46034HAA3
End

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