By Reshmi Basu
New York, April 19 - EGE Haina Finance Co. (/B/B-) sold an upsized $175 million offering of 10-year senior notes at par to yield 9½%, according to a market source.
The deal, increased from $150 million, came inside of guidance for a yield of 9 5/8% to 9¾%.
Barclays Capital and Deutsche Bank were the joint bookrunners for the Rule 144A and Regulation S transaction.
Proceeds from the sale will be used to refinance debt, for accounts payable and for general corporate purposes.
EGE Haina Finance is a wholly owned and guaranteed subsidiary of Empresa Generadora de Electricidad Haina SA, a thermoelectric generator in the Dominican Republic.
| Issuer: | EGE Haina Finance Co.
|
| Guarantor: | Empresa Generadora de Electricidad Haina, SA
|
| Amount: | $175 million
|
| Issue: | Senior notes
|
| Maturity: | April 26, 2017
|
| Coupon: | 9½%
|
| Issue price: | Par
|
| Yield: | 9½%
|
| Spread: | 484 basis points more than Treasuries
|
| Optional redemption: | Make-whole call at Treasuries plus 75 bps (years one through five)
|
| Premium high-yield call (years five through 10)
|
| Joint bookrunners: | Barclays Capital, Deutsche Bank
|
| Pricing date: | April 19
|
| Settlement date: | April 26
|
| Distribution: | Rule 144A and Regulation S
|
| Ratings: | Standard & Poor's: B
|
| Fitch: B-
|
| Price guidance: | 9 5/8% to 9¾%
|
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