By Paul A. Harris
St. Louis, April 23 - Invista and Arteva Specialties Sarl (Luxembourg) priced an upsized $675 million of eight-year senior unsecured notes (B1/B) at par on Friday to yield 9¼%, according to a syndicate source.
Price talk was 9¼% to 9½%.
The company eliminated a planned euro tranche.
JP Morgan and Credit Suisse First Boston ran the books for the Rule 144A/Regulation S issue. The co-managers were Deutsche Bank Securities, Citigroup, ABN Amro, BNP Paribas, Credit Lyonnais, ING, Scotia Capital, SGC Securities, The Royal Bank of Scotland and Tokyo Mitsubishi.
Proceeds will be used to make payments in connection with the previously announced acquisition of Invista by subsidiaries of Koch Industries and KED Fiber, to prepay KoSa bank debt and for general corporate purposes.
The issuer is a Wilmington, Del., integrated fiber and intermediates business.
| Issuer: | Invista/Arteva Specialties Sarl (Luxembourg)
|
| Amount: | $675 million, increased from $575 million
|
| Maturity: | May 1, 2012
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| Security description: | Senior unsecured notes
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| Bookrunners: | JP Morgan, Credit Suisse First Boston
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| Coupon: | 9¼%
|
| Price: | Par
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| Yield: | 9¼%
|
| Spread: | 505 basis points
|
| Call features: | Treasuries plus 50 basis points make-whole call until May 1, 2008, then at 104.625, 103.083, 101.542, par
|
| Equity clawback: | Until May 1, 2007 for 40% at 109.25
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| Pricing date: | April 23
|
| Settlement date: | April 30
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B
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| Price talk: | 9¼%-9½%
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