New York, Oct. 24 – Press Metal Aluminium Holdings Bhd. priced $400 million of 4.8% five-year notes (Ba3/BB-) at par, according to a news release and a term sheet.
The company said that demand totaled $3.8 billion, resulting in the offering being oversubscribed 9.5 times.
Final pricing was 45 basis points lower than initial guidance for a yield of 5¼%.
Press Metal also noted that the deal was Malaysia’s first high-yield bond offering in “more than a decade.”
Citigroup Global Markets Singapore Pte. Ltd., Deutsche Bank AG, Singapore Branch, J.P. Morgan (SEA) Ltd. and Malayan Banking Bhd. were joint lead managers and joint bookrunners for the Regulation S sale.
Proceeds will be used to refinance existing debt and for general corporate purposes.
Press Metal is a Shah Alam, Malaysia, manufacturer and marketer of aluminum products.
| Issuer: | Press Metal (Labuan) Ltd.
|
| Guarantor: | Press Metal Aluminium Holdings Bhd.
|
| Issue: | Senior notes
|
| Amount: | $400 million
|
| Maturity: | Oct. 30, 2022
|
| Bookrunners: | Citigroup Global Markets Singapore Pte. Ltd., Deutsche Bank AG, Singapore Branch, J.P. Morgan (SEA) Ltd. and Malayan Banking Bhd.
|
| Coupon: | 4.8%
|
| Price: | Par
|
| Yield: | 4.8%
|
| Equity clawback: | For up to 35% at 104.8 until Oct. 30, 2020
|
| Call: | Make-whole call until Oct. 30, 2020, then callable at a premium
|
| Pricing date: | Oct. 23
|
| Settlement date: | Oct. 30
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB-
|
| Distribution: | Regulation S
|
| Price talk: | 5¼%
|
| Marketing: | Roadshow
|
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