By Paul A. Harris
St. Louis, July 15 - GT 2005 Bonds BV priced an upsized $325 million issue of five-year senior fixed-rate notes (B2/B) at 99.522 to yield 10 3/8%, a market source told Prospect News on Friday.
The yield came on top of the 10 3/8% area price talk.
Credit Suisse First Boston and UBS Investment Bank ran the books for the Regulation S only issue.
Proceeds will be used to refinance debt incurred during the company's 2002 restructuring, freeing it from covenants so that it can engage in capital expenditures.
The issue was upsized from $250 million.
The issuer, a financing arm of Indonesian tire-maker PT Gajah Tunggal Tbk, is based in Tangerang, Indonesia.
| Issuer: | GT 2005 Bonds BV (PT Gajah Tunggal Tbk)
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| Amount: | $325 million (increased from $250 million)
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| Maturity: | July 21, 2010
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| Security description: | Senior fixed-rate notes
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| Bookrunners: | Credit Suisse First Boston, UBS Investment Bank
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| Coupon: | 10¼%
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| Price: | 99.522
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| Yield: | 10 3/8%
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| Spread: | 642.5 basis points
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| Settlement date: | July 21
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| Ratings: | Moody's: B2
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| Standard & Poor's: B
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| Price talk: | 10 3/8% area
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