By Paul A. Harris
Portland, Ore., Nov. 6 – InfraBuild Australia Pty Ltd. priced a $350 million issue of 14½% five-year senior secured notes (B3/B+) at 98 to yield 15.084% on Thursday, according to market sources.
The coupon and price came on top of talk, while the yield came in line with the 15.08% yield talk. Initial guidance had the deal coming with a 14¾% coupon with about 2 points of OID to yield 15%.
Jefferies was the sole bookrunner.
The Australia-based electric arc furnace manufacturer and scrap metal recycler plans to use the proceeds to redeem its senior secured notes due 2024.
| Issuer: | InfraBuild Australia Pty Ltd.
|
| Amount: | $350 million
|
| Issue: | Senior secured notes
|
| Maturity: | Nov. 15, 2028
|
| Bookrunner: | Jefferies LLC
|
| Coupon: | 14½%
|
| Price: | 98
|
| Yield: | 15.084%
|
| First call: | Nov. 15, 2026 at 107.25 (call protection increased to three years from two years)
|
| Trade date: | Nov. 9
|
| Settlement date: | Nov. 15
|
| Ratings: | Moody’s: B3
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
| Price talk: | 14½% coupon at 98 to yield 15.08%
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
