By Paul A. Harris
St. Louis, March 17 - Riverdeep Group Ltd. priced an upsized €225 million issue of seven-year senior notes (B3/B-) Wednesday at par to yield 9¼%, a market source said.
Price talk was in the area of 9¼%.
Credit Suisse First Boston ran the books on the Rule 144A issue. The co-managers were Royal Bank of Scotland and Davys.
Proceeds will be used to fund the buyout of Alchemy Partners' and Michael Dell's equity interests in Riverdeep.
The issuer is a Dublin, Ireland-based provider of CD-ROM and internet-based courseware and assessment and management tools.
The issue was upsized from €205 million.
| Issuer: | Riverdeep Group Ltd.
|
| Amount: | €225 million, increased from €205 million
|
| Maturity: | April 15, 2011
|
| Security description: | Senior notes
|
| Bookrunner: | Credit Suisse First Boston
|
| Co-managers: | Royal Bank of Scotland, Davys
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
| Spread: | 582 basis points
|
| Call protection: | Callable after April 15, 2007 at 109.25, 104.625, 102.313, par on or after April 15, 2010
|
| Equity clawback: | Until April 15, 2007 for 35% at 109.25
|
| Pricing date: | March 17
|
| Settlement date: | March 24
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Price talk: | 9¼% area
|
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