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Acetex $75 million add-on to 10 7/8% of 2009 talked at 109-109.5, pricing Friday morning
By Paul A. Harris
St. Louis, July 24 - Price talk of 109-109.5 emerged Thursday on Acetex Corp.'s planned $75 million add-on to its 10 7/8% senior notes due Aug. 1 2009 (B2/B+), according to an informed source.
The deal is expected to price Friday morning, the source added.
UBS Investment Bank is bookrunner on the Rule 144A deal.
Proceeds, together with existing cash, will be used to repay AT Plastics Inc. debt.
The 10 7/8% notes of 2009 are callable on Aug. 1, 2005 at 105.438, then at 103.625, 101.813, and par on Aug. 2, 2008 and thereafter. They also contain an equity clawback until Aug. 1, 2004 for 35% at 110.875.
The prospective issuer is a Vancouver, B.C.-based chemical company.
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