By Paul A. Harris
Portland, Ore., May 11 – SI Group priced a $300 million issue of five-year senior notes (Caa2/CCC+) at par to yield 6¾% on Tuesday, according to market sources.
The yield printed in the middle of yield talk in the 6¾% area. Initial guidance was in the 7% area.
J.P. Morgan Securities LLC was the lead.
The notes were sold via issuer SK Mohawk Holdings Sarl.
The Schenectady, N.Y.-based specialty chemicals company plans to use the proceeds plus cash on hand to redeem preferred equity and pay down its term loan.
| Issuer: | SK Mohawk Holdings Sarl
|
| Amount: | $300 million
|
| Tenor: | Five years
|
| Securities: | Senior notes
|
| Lead: | J.P. Morgan Securities LLC
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Call protection: | Two years
|
| Trade date: | May 11
|
| Ratings: | Moody's: Caa2
|
| S&P: CCC+
|
| Marketing: | Roadshow
|
| Price talk: | 6¾% area
|
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