New Issue: Antargaz nine-year notes upsized 15 million euros to 165 million euros, yield 10%

By Paul A. Harris

St. Louis, Mo., July 12 - Antargaz's AGZ Finance, SA upsized to €165 million from €150 million its offering of senior notes due July 15, 2011 (B2/B) and priced them Friday at par to yield 10%, according to a syndicate source.

Price talk was 9 7/8%-10 1/8%.

The Rule 144A-eligible notes, via Deutsche Bank Securities Inc. and Credit Lyonnais, are guaranteed on a senior subordinated basis by AGZ Holding, SA, the parent company of Antargaz.

The issuer is a propane and butane distributor based in France.

Issuer: AGZ Finance, SA (Antargaz)

Amount: €165 million (increased from €150 million)

Maturity: July 15, 2011

Type: Senior notes

Managers: Deutsche Bank Securities, Credit Lyonnais

Coupon:	10%
Price:	Par
Yield:	10%
Price talk:	9 7/8%-10 1/8%
Spread:	521 basis points over the 5% Bund due July 2009
Call features:		Make-whole call at the greater of 101 or Bunds + 50 basis points, then callable on July 15, 2006 at 105, 103.333, 101.667, par on July 15, 2009 and thereafter
Equity clawback:	Until July 15, 2005 for 35% at 110
Guarantee:	Guaranteed on a senior subordinated basis by AGZ Holding, SA, the parent company of Antargaz, SA
Settlement date:	July 23, 2002
Ratings:	Moody's: B2
	Standard & Poor's: B
Rule 144A ISIN:	XS0151419305

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.