Published on 12/4/2012 in the Prospect News High Yield Daily.
New Issue: ERA Group prices $200 million 7¾% 10-year notes at 98.31 to yield 8%
By Paul A. Harris
Portland, Ore., Dec. 4 - ERA Group priced a $200 million issue of 7¾% 10-year senior notes (B2/B/) at 98.31 to yield 8% on Tuesday, according to a market source.
The yield printed 12.5 basis points beyond the wide end of yield talk set in the 7¾% area.
Joint bookrunners Deutsche Bank Securities Inc. and Wells Fargo Securities LLC will bill and deliver. J.P. Morgan Securities LLC and Goldman Sachs & Co. were also joint bookrunners.
Proceeds will be used to repay revolving credit facility debt.
ERA Group is a wholly owned subsidiary of Seacor Holdings Inc., a Houston-based helicopter transport operator primarily servicing the energy industry.
Issuer: | ERA Group
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Amount: | $200 million
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Maturity: | Dec. 15, 2022
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Securities: | Senior notes
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Bill and deliver: | Deutsche Bank Securities Inc., Wells Fargo Securities LLC
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Bookrunners: | Deutsche Bank, Wells Fargo, J.P. Morgan Securities LLC, Goldman Sachs & Co.
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Co-managers: | SunTrust Robinson Humphrey Inc., Cowen & Co., Comerica Securities, Williams Capital Group LP
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Coupon: | 7¾%
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Price: | 98.31
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Yield: | 8%
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Spread: | 639 bps
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Call protection: | Five years
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Trade date: | Dec. 4
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Settlement date: | Dec. 7
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Ratings: | Moody's: B2
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| Standard & Poor's: B
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 7¾% area
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Marketing: | Roadshow
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