By Paul A. Harris
Portland, Ore., Nov. 8 - Edcon Holdings Ltd. launched and priced an upsized €425 million issue of 5.5-year senior notes (Caa2/CCC) at par to yield 13 3/8% on Friday, according to a market source.
The deal was upsized from €400 million.
The yield printed at the tight end of yield talk set in the 13½% area.
Joint global coordinator JPMorgan will bill and deliver. BofA Merrill Lynch was also a joint global coordinator. Barclays, Goldman Sachs and Morgan Stanley were joint bookrunners.
Proceeds will be used to refinance the senior notes maturing in 2015.
Edcon is a South African non-food retailer.
| Issuer: | Edcon Holdings Ltd.
|
| Amount: | €425 million, increased from €400 million
|
| Maturity: | June 30, 2019
|
| Securities: | Senior notes
|
| Global coordinators: | JPMorgan (bill and deliver), BofA Merrill Lynch
|
| Joint bookrunners: | Barclays, Goldman Sachs, Morgan Stanley
|
| Coupon: | 13 3/8%
|
| Price: | Par
|
| Yield: | 13 3/8%
|
| Spread: | 1,263 bps
|
| First call: | June 30, 2015 at 110.031
|
| Trade date: | Nov. 8
|
| Settlement date: | Nov. 14
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 13½% area
|
| Marketing: | Roadshow
|
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