By Paul A. Harris
Portland, Ore., April 24 - Viasystems Inc. priced a $550 million issue of seven-year senior secured notes (B2/BB-/) at par to yield 7 7/8% on Tuesday, according to market sources.
The yield printed in the middle of the 7¾% to 8% yield talk.
Goldman Sachs & Co., Wells Fargo Securities LLC and Stifel Nicolaus & Co. Inc. were the joint bookrunners.
The St. Louis-based company plans to use the proceeds to fund the previously announced acquisition of DDi Corp. and to redeem $220 million of 12% senior secured notes due 2015.
Viasystems is a provider of complex multilayer printed circuit boards, wire harnesses and electro-mechanical services.
| Issuer: | Viasystems Inc.
|
| Amount: | $550 million
|
| Maturity: | May 1, 2019
|
| Securities: | Senior secured notes
|
| Underwriters: | Goldman Sachs & Co., Wells Fargo Securities LLC, Stifel, Nicolaus & Co. Inc.
|
| Coupon: | 7 7/8%
|
| Price: | Par
|
| Yield: | 7 7/8%
|
| Spread: | 653 bps
|
| Call protection: | Three years
|
| Trade date: | April 24
|
| Settlement date: | April 30
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A for life and Regulation S
|
| Price talk: | 7¾% to 8%
|
| Marketing: | Roadshow
|
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