New Issue: Rain CII Carbon sells $400 million 8% eight-year secured notes at par

By Paul A. Harris

St. Louis, Nov. 23 - Rain CII Carbon LLC and CII Carbon Corp. priced a $400 million issue of eight-year senior secured notes (B1/BB-/) at par to yield 8% on Tuesday, according to an informed source.

The yield printed at the wide end of the 7¾% to 8% price talk.

Citigroup Global Markets Inc. was the left bookrunner. Goldman Sachs & Co. and Jefferies & Co. were the joint bookrunners.

The Kingwood, Texas-based calcined petroleum coke producer will use the proceeds from the deal to repay debt.

Issuers:	Rain CII Carbon LLC and CII Carbon Corp.
Amount:	$400 million
Maturity:	Dec. 1, 2018
Securities:	Senior secured notes
Left bookrunner:	Citigroup Global Markets Inc.
Joint bookrunners:	Goldman Sachs & Co., Jefferies & Co.
Coupon:	8%
Price:	Par
Yield:	8%
Spread:	526 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Dec. 1, 2014, then callable at 104, 102, par on and after Dec. 1, 2016
Equity clawback:	35% at 108.0 until Dec. 1, 2013
Change-of-control put:	101%
Trade date:	Nov. 23
Settlement date:	Dec. 3
Ratings:	Moody's: B1
	Standard & Poor's: BB-
Distribution:	Rule 144A and Regulation S for life
Price talk:	7¾% to 8%
Marketing:	Roadshow

© 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.