By Paul A. Harris
Portland, Ore., Aug. 12 – Eldorado Gold Corp. priced a $500 million issue of eight-year senior notes (B3/BB-/B+) at par to yield 6¼% on Thursday, according to market sources.
The yield printed 25 basis points beyond the wide end of the 5¾% to 6% yield talk and further beyond initial guidance in the mid-to-high 5% area.
Books for the deal were slow to build, sources said.
The issue was ultimately heard to have played to around $525 million of demand, a trader said late Thursday afternoon.
BofA Securities was the left bookrunner. Joint bookrunners were HSBC, BMO, NBC, BNP Paribas and SG.
The Vancouver, B.C.-based gold producer plans to use the proceeds to redeem its 9½% senior secured second-lien notes due 2024, to repay revolver debt, to pay off its term loan, to fund cash to its balance sheet and for general corporate purposes.
| Issuer: | Eldorado Gold Corp.
|
| Amount: | $500 million
|
| Maturity: | Sept. 1, 2029
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Securities
|
| Joint bookrunners: | HSBC, BMO, NBC, BNP Paribas and SG
|
| Coupon: | 6¼%
|
| Price: | Par
|
| Yield: | 6¼%
|
| First call: | Sept. 1, 2024 at 103.125
|
| Trade date: | Aug. 12
|
| Settlement date: | Aug. 26
|
| Ratings: | Moody's: B3
|
| S&P: BB-
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¾% to 6%
|
| Marketing: | Roadshow
|
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