By Christine Van Dusen
Atlanta, Feb. 22 - South Africa's Edcon Pty. Ltd. priced €317 million and $250 million notes due March 1, 2018 at par to yield 9½%, a market source said.
Goldman Sachs, Deutsche Bank, Barclays Capital and Morgan Stanley were the bookrunners for the deal, which came in line with talk of a yield in the 9½% area.
The Rule 144A and Regulation S notes are non-callable for three years.
Proceeds will be used for refinancing debt and for hedging obligations.
Edcon is a Johannesburg-based dry goods retailer.
| Issuer: | Edcon Pty. Ltd.
|
| Amount: | €500 million equivalent
|
| Maturity: | March 1, 2018
|
| Description: | Notes
|
| Bookrunners: | Goldman Sachs, Deutsche Bank, Barclays Capital, Morgan Stanley
|
| Call feature: | Non-callable for three years
|
| Trade date: | Feb. 22
|
| Settlement date: | March 1
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 9½% area
|
|
|
| Euro tranche
|
| Amount: | €317 million
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
|
|
| Dollar tranche
|
| Amount: | $250 million
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
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