By Colin Hanner
Chicago, May 1 – Brazil’s Votorantim Metais priced $700 million 5 3/8% 10-year notes at 99.048 to yield 5½% on Friday, a market source.
Initial yield talk was at 5 3/8%, which later widened to 5½%, a market source said, adding that a proposed strike by workers at one of Votorantim’s mines in Peru caused the company to go back to the drawing board and revise terms of the deal.
The notes are callable in the final three months at par.
HSBC, Morgan Stanley and JPMorgan Chase & Co. were the bookrunners for the deal.
Votorantim Metais is Sao Paulo-based zinc producer.
| Issuer: | Votorantim Metais
|
| Description: | Notes
|
| Amount: | $700 million
|
| Maturity: | May 4, 2027
|
| Bookrunners: | HSBC, Morgan Stanley and JPMorgan Chase & Co
|
| Coupon: | 5 3/8%
|
| Price: | 99.048
|
| Yield: | 5½%
|
| Call option: | Callable in the final three months at par
|
| Trade date: | April 28
|
| Settlement date: | May 4
|
| Distribution: | Roadshow
|
| Price talk: | 5 3/8%, widening to 5½%
|
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