By Paul A. Harris
St. Louis, April 4 - Resolution Performance Products LLC priced $175 million of senior secured second priority notes due April 15, 2010 at par to yield 9½%, according to a market source.
Price talk was for a yield of 9 5/8%-9 7/8%.
Morgan Stanley was the bookrunner. Credit Suisse First Boston, JP Morgan and Salomon Smith Barney were co-managers.
Proceeds from the Rule 144A notes will be used to repay debt and for general corporate purposes including working capital.
Resolution Performance is a Houston-based epoxy resins firm.
The notes were issued jointly with RPP Capital Corp.
| Issuer: | Resolution Performance Products LLC/RPP Capital Corp.
|
| Amount: | $175 million
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| Maturity: | April 15, 2010
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| Security description: | Senior secured second priority notes
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| Bookrunner: | Morgan Stanley
|
| Co-managers: | Credit Suisse First Boston, JP Morgan, Salomon Smith Barney
|
| Coupon: | 9½%
|
| Price: | Par
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| Yield: | 9½%
|
| Spread: | 608 basis points
|
| Call features: | Non-callable for three years
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Settlement date: | April 9, 2003
|
| Price talk: | 9 5/8%-9 7/8%
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