New Issue: Greece's Fage Dairy prices $150 million 9 7/8% 10-year notes at 93.278 to yield 11%

By Paul A. Harris

St. Louis, Jan. 26 - Fage USA Dairy Industry, Inc. and Fage Dairy Industry SA priced a $150 million issue of 9 7/8% 10-year senior notes (B3/B-/) at 93.278 to yield 11% on Tuesday, according to market sources.

The yield printed on top of the price talk.

Citigroup ran the books.

Proceeds will be used to refinance €20 million of the Athens, Greece-based dairy company's outstanding 7½% notes due 2015, for a capital expenditure and for general corporate purposes.

Issuer:	Fage USA Dairy Industry, Inc. and Fage Dairy Industry SA
Face amount:	$150 million
Proceeds:	$139,917,000
Maturity:	Feb. 1, 2020
Security description:	Senior notes
Bookrunner:	Citigroup
Coupon:	9 7/8%
Price:	93.278
Yield:	11%
Spread:	739 bps
Call protection:	Five years
Trade date:	Jan. 26
Settlement date:	Jan. 29
Ratings:	Moody's: B3
	Standard & Poor's: B-
Distribution:	Rule 144A
Price talk:	11%

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