By Paul A. Harris
St. Louis, Jan. 24 - Invensys plc priced a €65 million add-on to the 9 7/8% senior notes due Feb. 15, 2011 (B3/existing B-) at 108.5 resulting in a 7.828% yield to worst, according to market sources.
Price talk was 108.5 to 109.
Deutsche Bank Securities ran the books.
Proceeds will be used to help fund the tender offers for the company's 5½% notes due 2005 and its 7 1/8% notes due 2007.
In a two-tranche issue that priced on Feb. 27, 2004, the company originally sold $550 million and €475 million. Both tranches priced at 98.147 to yield 10¼%.
Invensys is a London-based producer of industrial controls and automation systems.
| Issuer: | Invensys plc
|
| Amount: | €65 million
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| Maturity: | Feb. 15, 2011
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| Security description: | Add-on to 9 7/8% senior notes
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| Bookrunner: | Deutsche Bank Securities
|
| Coupon: | 9 7/8%
|
| Price: | 108.50
|
| Yield to worst: | 7.828%
|
| Spread: | 477 basis points
|
| Call features: | Callable after Feb. 15, 2008 at 104.938, 102.469, par on Feb. 15, 2010 and thereafter
|
| Trade date: | Jan. 24
|
| Settlement date: | Jan. 27 (with accrued interest)
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B- (existing)
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| Price talk: | 108.5-109
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