New Issue: Germany's TMD Friction prices €160 million seven-year notes at par to yield 10¾%

By Paul A. Harris

St. Louis, May 14 - Germany's TMD Friction Finance SA priced a €160 million issue of seven-year senior secured notes (B3/B/) at par to yield 10¾% on Friday, according to an informed source.

The yield printed on top of the price talk.

Credit Suisse and Quirin Bank were the joint bookrunners.

Proceeds will be used to refinance the existing shareholder loan and for general corporate purposes.

The issuer is a financing unit of TMD Friction, a Cologne, Germany-based supplier of brake friction materials.

Issuer:	TMD Friction Finance SA
Amount:	€160 million
Maturity:	May 15, 2017
Securities:	Senior secured notes
Bookrunners:	Credit Suisse, Quirin Bank
Coupon:	10¾%
Price:	Par
Yield:	10¾%
Spread:	834 bps
Call features:	Make-whole call at Treasuries plus 50 bps until May 15, 2014, then callable at 105.375, 102.688, par on and after May 15, 2016
Trade date:	May 14
Settlement date:	May 19
Ratings:	Moody's: B3
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	10¾% area

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