New Issue: AGCO sells €200 million 10-year notes to yield 6 7/8%

By Paul A. Harris

St. Louis, April 15 - AGCO Corp. sold €200 million of 10-year senior subordinated notes (B1/BB-) Thursday at par to yield 6 7/8%, according to informed sources.

Price talk was 6 7/8% to 7 1/8%.

Morgan Stanley and Bear Stearns & Co. ran the books for the off-the-shelf issue.

Proceeds will be used to redeem the 8½% senior subordinated notes due 2006.

The issuer is a Duluth, Ga.-based farm equipment maker.

Issuer:	AGCO Corp.
Amount:	€200 million
Maturity:	April 15, 2014
Security description:	Senior subordinated notes
Bookrunners:	Morgan Stanley, Bear Stearns & Co.
Coupon:	6 7/8%
Price:	Par
Yield:	6 7/8%
Spread:	276 basis points
Call features:	Callable after April 15, 2009 at 103.438, 102.292, 101.146, par on or after April 15, 2012
Equity clawback:	Until April 15, 2007 for 35% at 106.875
Pricing date:	April 15
Settlement date:	April 15
Ratings:	Moody's: B1
	Standard & Poor's: BB-
Price talk:	6 7/8%-7 1/8%

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.