By Christine Van Dusen
Atlanta, Feb. 11 - South Africa's EdCon Pty. Ltd. priced a €300 million issue of 9½% notes due March 1, 2018 at 96.5 to yield 10.415%, a market source said.
The notes were talked at the 97 area.
The company scrapped plans for a $200 million issue of notes due in 2018, also talked at the 97 area.
Barclays, Goldman Sachs, Morgan Stanley, BofA Merrill Lynch and JPMorgan were the bookrunners for the Rule 144A and Regulation S deal.
The proceeds will be used to finance the repurchase of the company's floating-rate notes due in 2014.
EdCon is a retail company based in Johannesburg.
| Issuer: | EdCon Pty. Ltd.
|
| Amount: | €300 million
|
| Maturity: | March 1, 2018
|
| Description: | Notes
|
| Bookrunners: | Barclays, Goldman Sachs, Morgan Stanley, BofA Merrill Lynch, JPMorgan
|
| Coupon: | 9½%
|
| Price: | 96.5
|
| Yield: | 10.415%
|
| Trade date: | Feb. 8
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 97 area
|
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