New Issue: Viasystems sells $220 million 12% five-year senior notes to yield 13%

By Paul A. Harris

St. Louis, Nov. 10 - Viasystems, Inc. priced a $220 million issue of 12% five-year senior secured notes (B3/B+/) at 96.269 to yield 13% on Tuesday, according to an informed source.

The yield priced on top of yield talk. The issue price came in line with the 4 points of discount talk.

Goldman Sachs & Co. and Wells Fargo Securities were joint bookrunners.

Proceeds will be used to fund the tender for Viasystems' $200 million of 10½% senior subordinated notes due 2011 and to redeem or otherwise repurchase any 2011 notes that remain outstanding after the expiration of the tender.

Viasystems is a St. Louis-based provider of complex multi-layer PCBs and electro-mechanical solutions.

Issuer:	Viasystems, Inc.
Face amount:	$220 million
Proceeds:	$211,792,000 (approximate)
Maturity:	Jan. 15, 2015
Securities:	Senior secured notes
Bookrunners:	Goldman Sachs & Co., Wells Fargo Securities
Coupon:	12%
Price:	96.269
Yield:	13%
Spread:	1,064 bps
Call features:	Make-whole at Treasuries plus 50 bps until July 15, 2012, then callable at 106.0, 103.0, par on and after July 15, 2014
Trade date:	Nov. 10
Settlement date:	Nov. 24
Ratings:	Moody's: B3
	Standard & Poor's: B+
Distribution:	Rule 144A/Regulation S for life
Price talk:	13% area, including about 4 points OID

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