By Paul A. Harris
Portland, Ore., Dec. 10 - Eldorado Gold Corp. priced an upsized $600 million issue of eight-year senior notes (Ba3/BB/) at par to yield 6 1/8% on Monday, according to a market source.
The yield printed at the tight end of yield talk set in the 6¼% area.
J.P. Morgan Securities LLC, Citigroup Global Markets, HSBC and Bank of America Merrill Lynch were the joint bookrunners for the quick-to-market deal, which was upsized from $500 million.
Proceeds will be used to fund mine development, to repay revolver debt and for general corporate purposes.
The Vancouver, B.C.-based gold producer pulled a similar deal on Nov. 16 due to market conditions.
| Issuer: | Eldorado Gold Corp.
|
| Amount: | $600 million, increased from $500 million
|
| Maturity: | Dec. 15, 2020
|
| Securities: | Senior notes
|
| Managers: | J.P. Morgan Securities LLC, Citigroup Global Markets, HSBC, Bank of America Merrill Lynch
|
| Coupon: | 6 1/8%
|
| Price: | Par
|
| Yield: | 6 1/8%
|
| Spread: | 492 bps
|
| Call protection: | Four years
|
| Trade date: | Dec. 10
|
| Settlement date: | Dec. 13
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¼% area
|
| Marketing: | Quick to market
|
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