By Reshmi Basu
New York, Sept. 28 - Itabo Finance SA sold a $125 million offering of seven-year senior unsecured notes (/B/B-) at par to yield 10 7/8%, according to a market source.
The issue, which is non-callable for four years, came in line with price guidance that was in the 10 7/8% area.
Empresa Generadora de Electricidad Itabo SA will guarantee the issue.
ABN Amro ran the Rule 144A and Regulation S transaction.
Itabo is a thermo-electric generator in the Dominican Republic. Subsidiaries of AES Corp. own 50% of the company while the Dominican Republic government owns 49.97%.
| Issuer: | Itabo Finance SA
|
| Guarantor: | Empresa Generadora de Electricidad Itabo SA
|
| Issue: | Senior unsecured notes
|
| Amount: | $125 million
|
| Maturity: | Oct. 5, 2013
|
| Coupon: | 10 7/8%
|
| Issue price: | Par
|
| Yield: | 10 7/8%
|
| Spread: | Treasuries plus 628 basis points
|
| Call options: | Make-whole call at Treasuries plus 75 basis points for first four years; then callable in 2010 at 105.438, 2011 at 102.719, 2012 and thereafter at 100
|
| Bookrunner: | ABN Amro
|
| Pricing date: | Sept. 28
|
| Settlement date: | Oct. 5
|
| Ratings: | Standard & Poor's: B
|
| Fitch: B-
|
| Price guidance: | 10 7/8% area
|
| Distribution: | Rule 144A and Regulation S
|
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