Chicago, Jan. 4 – PIK Securities DAC sold $525 million of 5 5/8% five-year notes (Ba3//BB-) at par, according to a document with the listing particulars.
The notes may be called by the issuer with a make-whole premium of Treasuries plus 50 basis points until three months before the maturity date when the notes are callable at par.
The notes are guaranteed by LLC PIK-Corp. and, pending corporate approvals, will be guaranteed by PJSC PIK-specialized homebuilder.
The joint global coordinators and bookrunners for the Rule 144A and Regulation S transaction are J.P. Morgan and VTB Capital.
Joint lead managers and bookrunners are Alfa-Bank, Gazprombank, Renaissance Capital, SberCIB, Sova Capital Ltd. and Sovcombank.
Proceeds will be used for the general corporate purposes of the group, including debt repayment and optimization and the expansion of the business internationally.
The issuer is a vertically integrated real estate developer with the largest land bank in Russia by market value.
Issuer: | PIK Securities DAC
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Guarantor: | PIK-Corp.
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Amount: | $525 million
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Issue: | Notes
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Maturity: | Nov. 19, 2026
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Bookrunners: | Alfa-Bank, Gazprombank, Renaissance Capital, SberCIB, Sova Capital Ltd. and Sovcombank
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Counsel to issuer: | Arthur Cox LLP (issuer), Latham & Watkins LLP (guarantor)
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Counsel to bookrunners: | Linklaters
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Coupon: | 5 5/8%
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Price: | Par
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Yield: | 5 5/8%
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Call features: | Make-whole call at Treasuries plus 50 bps until three months before maturity; thereafter at par
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Settlement date: | Nov. 19
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Ratings: | Moody’s: Ba3
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| Fitch: BB-
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Distribution: | Rule 144A and Regulation S
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ISINs: | XS2010026560, US69356RAA32
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