By Paul A. Harris
St. Louis, Feb. 11 - EB Holdings Inc., the recently created parent of Eco-Bat Technologies Ltd., priced an upsized €250 million issue of 10-year senior pay-in-kind notes (CCC+) at par to yield 10%, according to a market source.
Price talk was in the 10% area.
Citigroup and Credit Suisse First Boston were the bookrunners for the Rule 144A/Regulation S offering.
The notes will be PIK for life.
Proceeds will be used to fund a distribution to shareholders.
The issue was upsized from €200 million.
Eco-Bat Technologies is a U.K.-based battery recycling company.
| Issuer: | EB Holdings Inc. (Eco-Bat Technologies Ltd.)
|
| Amount: | €250 million (increased from €200 million)
|
| Maturity: | Feb. 15, 2015
|
| Security description: | Senior PIK notes (PIK for life)
|
| Bookrunners: | Citigroup, Credit Suisse First Boston
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Spread: | 655 basis points
|
| Call features: | Callable after Feb. 15, 2007 at 102, 101 and par on and after Feb. 15, 2009
|
| Trade date: | Feb. 11
|
| Settlement date: | Feb. 18
|
| Rating: | Standard & Poor's: CCC+
|
| Price talk: | 10% area
|
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