Published on 2/27/2004 in the Prospect News High Yield Daily.
New Issue: Invensys issue downsized to £600 million, dollar and euro tranches yield 10¼%
By Paul A. Harris
St. Louis, Feb. 27 - Invensys plc priced a downsized £600 million equivalent two-part offering of seven-year senior notes (B3/B-) Friday, both yielding 10¼%, a market source said.
The London-based engineering firm sold $550 million of notes at 98.147 with a 9 7/8% coupon to yield 10¼%, and €475 million of notes, also at 98.147 with a 9 7/8% coupon to yield 10¼%.
Price talk on both tranches was 9½% to 9¾%.
Deutsche Bank Securities ran the books.
The issue was part of the company's £2.7 billion refinancing plan.
The size of the deal was decreased from £650 million equivalent.
| Issuer: | Invensys plc
|
| Amount: | £600 million equivalent (decreased from £650 million equivalent)
|
| Maturity: | Feb. 15, 2011
|
| Security description: | Senior notes
|
| Bookrunner: | Deutsche Bank Securities
|
| Pricing date: | Feb. 27
|
| Settlement date: | March 5
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
|
|
| Dollar tranche
|
| Amount: | $550 million
|
| Coupon: | 9 7/8%
|
| Price: | 98.147
|
| Yield: | 10¼%
|
| Spread: | 675 basis points
|
| Call features: | Callable after Feb. 15, 2008 at 104.938, 102.469, par on Feb. 15, 2010 and thereafter
|
| Price talk: | 9½%-9¾%
|
|
|
| Euro tranche
|
| Amount: | €475 million
|
| Coupon: | 9 7/8%
|
| Price: | 98.147
|
| Yield: | 10¼%
|
| Spread: | 665 basis points
|
| Call features: | Callable after Feb. 15, 2008 at 104.938, 102.469, par on Feb. 15, 2010 and thereafter
|
| Price talk: | 9½%-9¾%
|
|
|
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