By Paul A. Harris
Portland, Ore., May 21 – Eldorado Gold Corp. priced a $300 million issue of 9½% five-year senior secured second-lien notes (Caa1/B) at 98 to yield 10.02% on Tuesday, according to a syndicate source.
The deal came in line with talk that specified a yield in the 10% area, including a discount.
There were also structural and document changes.
BofA Securities Inc. was the left bookrunner. Joint bookrunners were BMO Capital Markets, HSBC Securities, NBC and BNP Paribas.
The Vancouver, B.C.-based gold mining company plans to use the proceeds, together with borrowings under its senior credit facility and cash on hand, to redeem its outstanding $600 million of 6 1/8% senior notes due 2020.
| Issuer: | Eldorado Gold Corp.
|
| Amount: | $300 million
|
| Maturity: | June 1, 2024
|
| Securities: | Senior secured second-lien notes
|
| Left bookrunner: | BofA Securities Inc.
|
| Joint bookrunners: | BMO Capital Markets, HSBC Securities, NBC and BNP Paribas
|
| Coupon: | 9½%
|
| Price: | 98
|
| Yield: | 10.02%
|
| Spread: | 778 bps
|
| First call date: | Dec. 1, 2021 (increased to 2.5 years from two years)
|
| Trade date: | May 21
|
| Settlement date: | June 5
|
| Ratings: | Moody's: Caa1
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 10% area including discount
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
