By Paul A. Harris
Portland, Ore., March 13 - Artsonig Pty. Ltd., the indirect owner of BIS Industries Ltd., priced a $250 million issue of five-year pay-in-kind toggle notes (Caa1/CCC+) at 98.5 on Thursday, according to market sources.
The notes pay a cash coupon of 11½% and a PIK coupon of 12%. The cash yield is 11.906%. The PIK yield is 12.41%.
The reoffer price came at the rich end of the 98 to 98.5 price talk. The cash coupon came at the wide end of the 11 ¼% to 11½% coupon talk.
Goldman Sachs & Co., BofA Merrill Lynch, KKR Capital Markets and UBS Investment Bank managed the sale.
The Sydney, Australia-based mining services company plans to use the proceeds to repay its existing PIK notes.
| Issuer: | Artsonig Pty. Ltd., the indirect owner of BIS Industries Ltd.
|
| Face amount: | $250 million
|
| Proceeds: | $246 million
|
| Maturity: | April 1, 2019
|
| Securities: | Senior PIK toggle notes
|
| Managers: | Goldman Sachs & Co., BofA Merrill Lynch, KKR Capital Markets, UBS Investment Bank
|
| Cash coupon: | 11½%
|
| PIK coupon: | 12%
|
| Price: | 98.5
|
| Cash yield: | 11.906%
|
| PIK yield: | 12.41%
|
| First call: | April 1, 2016 at 102
|
| Trade date: | March 13
|
| Settlement date: | March 27
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 98 to 98.5, with a cash coupon of 11¼% to 11½%
|
| Marketing: | Quick to market
|
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