By Paul A. Harris
St. Louis, Feb. 2 - Rhodia SA priced a €500 million add-on to its 8% senior notes due June 1, 2010 (B3/CCC+) at 103.5 on Wednesday, resulting in a 7.19% yield to maturity, according market sources.
Price talk was in the 103 area.
Credit Suisse First Boston ran the books for the Rule 144A/Regulation S add-on. BNP Paribas and Calyon Securities were joint lead managers.
Proceeds will be used to refinance the company's €300 million of 6% medium-term notes due 2006, to reimburse upon maturity its €49 million of MTNs due May 2005, to reimburse about €44 million of capitalized operating leases, to refinance other debt and for general corporate purposes.
The original €200 million priced at par on May 20, 2003 in a €1 billion equivalent four-tranche transaction that included $200 million of senior notes, $385 million of senior subordinated notes and €300 million of senior subordinated notes.
The issuer is a Paris-based specialty chemical firm.
| Issuer: | Rhodia SA
|
| Amount: | €500 million
|
| Maturity: | June 1, 2010
|
| Security description: | Add-on to 8% senior notes
|
| Bookrunner: | Credit Suisse First Boston
|
| Joint lead managers: | BNP Paribas, Calyon Securities
|
| Coupon: | 8%
|
| Price: | 103.5
|
| Yield to maturity: | 7.19%
|
| Spread: | 413 basis points
|
| Call features: | Callable on June 1, 2007 at 104, 102, par on June 1, 2009 and thereafter
|
| Equity clawback: | Until June 1, 2006 for 35% at 108
|
| Trade date: | Feb. 2
|
| Settlement date: | Feb. 14 with accrued interest
|
| Existing ratings: | Moody's B3
|
| Standard & Poor's: CCC+
|
| Price talk: | 103 area
|
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