New Issue: Waterford Wedgwood sells €165 million seven-year notes to yield 10%

By Paul A. Harris

St. Louis, Dec. 1 - Waterford Wedgwood plc sold €165 million proceeds of 9 7/8% mezzanine notes due Dec. 1, 2010 (B3/B-) at 99.381 on Nov. 26 to yield 10%, according to an informed source.

Price talk was for a yield of 9¾%-10%.

Barclays Capital ran the books on the Rule 144A/Regulation S (with no registration rights) issue. Davy Stock Brokers was co-manager.

Waterford Wedgwood will use part of the proceeds to repay a portion of its existing debt and redeem U.S. private placement notes.

The issuer is an Ireland-based luxury table- and dinner-ware manufacturer.

Issuer:	Waterford Wedgwood plc
Principal amount:	€166.03 million
Proceeds:	€165.00 million
Maturity:	Dec. 1, 2010
Security description:	Mezzanine notes
Bookrunner:	Barclays Capital
Co-manager:	Davy Stock Brokers
Coupon:	9 7/8%
Price:	99.381
Yield:	10%
Spread:	625 basis points over 5¼% Bund due July 2010
Call features:	Callable after Dec. 1, 2006 at 109.875, 104.938, 102.469, declining to par on Dec. 1, 2009 and thereafter
Equity clawback:	Up to 35% prior to Dec. 1, 2006
Settlement date:	Dec. 1 (T+3)
Distribution:	Rule 144A/Regulation S with no U.S. SEC registration rights
Ratings:	Moody's: B3
	Standard & Poor's: B-
Listing:	Luxemburg Stock Exchange
Price talk:	9¾%-10%

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