By Paul A. Harris
Portland, Ore., Feb. 2 – Italian copper supplier KME AG priced a €300 million issue of 6¾% five-year senior secured notes (B3//B-) at 98.953 to yield 7% on Friday, according to a market source.
The yield printed in the middle of yield talk in the 7% area.
Joint global coordinator Goldman Sachs International will bill and deliver. BNP Paribas and Deutsche Bank were also joint global coordinators. Banca Akros SpA and Gruppo Banco BPM were joint bookrunners.
The Milan-based company plans to use the proceeds to repay debt under its borrowing base facility, to pay off Intek Group loans and for general corporate purposes.
| Issuer: | KME AG
|
| Amount: | €300 million
|
| Tenor: | Five years
|
| Securities: | Senior secured notes
|
| Joint global coordinators: | Goldman Sachs International (bill and deliver), BNP Paribas, Deutsche Bank
|
| Joint bookrunners: | Banca Akros SpA, Gruppo Banco BPM
|
| Co-managers: | Banca IMI, Raiffeisen Bank
|
| Coupon: | 6¾%
|
| Price: | 98.953
|
| Yield: | 7%
|
| Call protection: | Two years
|
| Trade date: | Feb. 2
|
| Ratings: | Moody's: B3
|
| Fitch: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7% area
|
| Marketing: | Roadshow
|
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