By Christine Van Dusen
Atlanta, April 1 - Brazil's Votorantim Cimentos SA sold $750 million 7¼% notes due April 5, 2041 (Baa3/BBB/) at 99.395 to yield 7.3%, or Treasuries plus 278.1 basis points, a market source said.
The notes priced at the tight end of talk, which was set at the 7½% area.
Merrill Lynch, Itau and JPMorgan were the bookrunners for the Rule 144A and Regulation S transaction.
The notes include a change-of-control put at 101% with a ratings downgrade.
Votorantim Cimentos is a Sao Paulo-based cement manufacturer.
| Issuer: | Votorantim Cimentos SA
|
| Amount: | $750 million
|
| Maturity: | April 5, 2041
|
| Description: | Notes
|
| Bookrunners: | Merrill Lynch, Itau, JPMorgan
|
| Coupon: | 7¼%
|
| Price: | 99.395
|
| Yield: | 7.3%
|
| Spread: | Treasuries plus 278.1 bps
|
| Change of control put: | At 101% with ratings downgrade
|
| Trade date: | March 31
|
| Settlement date: | April 5
|
| Ratings: | Moody's: Baa3
|
| Standard & Poor's: BBB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7½% area
|
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