By Paul A. Harris
St. Louis, April 19 - Damovo III SA priced €350 million of seven-year senior secured notes (B1/CCC+) in fixed-rate and floating-rate tranches on Tuesday, according to a market source.
The Glasgow, Scotland, information and communication technology firm sold €218 million face amount of senior secured fixed-rate notes at 96.389 with a 10¼% coupon to yield 11%.
The price talk, 10¼% at a discount to yield 11%, was revised Tuesday from 9¾% to 10%.
The company also priced a €140 million issue of senior secured floating-rate notes at par to yield three-month Euribor plus 800 basis points.
The price talk, Euribor plus 800 basis points, was revised Tuesday from Euribor plus 775 to 800 basis points.
Deutsche Bank Securities ran the books for the Rule 144A/Regulation S with no registration rights issues.
Proceeds will be used to repay bank debt.
| Issuer: | Damovo III SA
|
| Amount: | €350 million
|
| Maturity: | April 30, 2012
|
| Bookrunner: | Deutsche Bank Securities
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: CCC+
|
| Trade date: | April 19
|
| Settlement date: | April 22
|
|
|
| Fixed-rate tranche
|
| Face amount: | €218 million
|
| Security description: | Senior secured fixed-rate notes
|
| Coupon: | 10¼%
|
| Price: | 96.389
|
| Yield: | 11%
|
| Spread: | 790 basis points
|
| Call features: | Callable after April 30, 2009 at 105.125, 102.563, par on and after April 30, 2011
|
| Price talk: | 10¼% at a discount to yield 11% (revised from 9¾%-10%)
|
|
|
| Floating-rate tranches
|
| Amount: | €140 million
|
| Security description: | Senior secured floating-rate notes
|
| Coupon: | Three-month Euribor plus 800 basis points
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 800 basis points
|
| Call features: | Callable after 18 months at 102, 101, par
|
| Price talk: | Euribor plus 800 basis points (revised from Euribor plus 775-800 bps)
|
|
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