By Reshmi Basu
New York, Nov. 8 - Parkson Retail Group Ltd. sold a debut offering of $200 million in five-year senior bonds (Ba1) at par to yield 7 7/8% on Tuesday, according to a market source.
The source added that the deal saw so much investor demand from Asia that it came inside of price guidance.
Talk was set at the 8% area.
JP Morgan ran the Regulation S transaction.
The issuer is a Chinese retail chain owned by Malaysia's Lion Group.
Issuer: Parkson Retail Group Ltd.
Amount: $200 million
Issue: Senior bonds
Maturity: Nov. 14, 2011
Coupon: 7 7/8%
Issue price: Par
Yield: 7 7/8%
Spread: 321 basis points more than Treasuries
Pricing date: Nov. 7
Settlement date: Nov. 8
Bookrunner: JP Morgan
| Ratings: | Moody's: Ba1
|
| Price guidance: | 8% area
|
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