By Reshmi Basu
New York, May 23 - Parkson Retail Group Ltd. sold a $125 million offering of five-year senior guaranteed notes (Ba1/BB) at par to yield 7 1/8% on Wednesday, according to a market source.
The notes will become callable on May 30, 2010 at 103.5625 and on May 30, 2011 at 101.7813. The deal also contains an equity clawback until May 30, 2010 for 35% at 107.125.
JP Morgan was the bookrunner for the Regulation S transaction.
Proceeds from the sale will used to refinance a bridge loan from JP Morgan and for working capital.
The issuer is a Chinese retail chain owned by Malaysia's Lion Group.
| Issuer: | Parkson Retail Group Ltd.
|
| Amount: | $125 million
|
| Issue: | Senior guaranteed notes
|
| Maturity: | May 30, 2012
|
| Coupon: | 7 1/8%
|
| Issue price: | Par
|
| Yield: | 7 1/8%
|
| Spread: | 235.3 basis points more than Treasuries
|
| Call option: | Callable on May 30, 2010 at 103.5625, on May 30, 2011 at 101.7813
|
| Equity clawback: | Until May 30, 2010 for 35% at 107.125
|
| Bookrunner: | JP Morgan
|
| Pricing date: | May 23
|
| Settlement date: | May 30
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB
|
| Distribution: | Regulation S
|
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