By Paul A. Harris
St. Louis, Sept. 22 - Rhodia SA priced a $400 million issue of 10-year senior notes (B1/BB) at par to yield 6 7/8% on Wednesday, according to an informed source.
The yield printed at the tight end of the 7% area price talk.
Credit Suisse and Credit Agricole CIB were the joint bookrunners.
The Paris-based specialty chemicals company will use the proceeds to repay its existing floating-rate notes due 2013.
| Issuer: | Rhodia SA
|
| Amount: | $400 million
|
| Maturity: | Sept. 15, 2020
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Suisse, Credit Agricole CIB
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 433 bps
|
| Call protection: | Five years
|
| Change of control: | Put at 101
|
| Trade date: | Sept. 22
|
| Settlement date: | Sept. 27
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 7% area
|
| Marketing: | Quick to market
|
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