New Issue: Goodrich sells $156 million Noveon PIK notes to yield 13%

By Paul A. Harris

St. Louis, March 26 - Goodrich Corp. sold $156 million of Noveon Holdings, Inc.'s unsecured PIK notes due Aug. 31, 2011 at par to yield 13%, according to market sources.

JP Morgan was bookrunner on the March 10 transaction.

The 13% PIK coupon steps up to 15% in 2006 if the company does not elect to pay cash interest.

Goodrich received the notes in February 2001 as part payment for Noveon - then its Performance Materials segment. Purchasers were equity sponsors AEA Investors Inc., DLJ Merchant Banking Partners III, L.P. and DB Capital Partners.

Goodrich will use the note proceeds to repay short term debt.

Issuer:	Noveon Holdings, Inc.
Amount:	$156 million
Maturity:	Aug. 31, 2011
Security description:	Unsecured PIK notes
Bookrunner:	JP Morgan
Coupon:	13% PIK coupon until 2006 then either 13% in cash or 15% PIK
Price:	Par
Yield:	13%
Call features:	Presently callable at 106.5, declining to 105.4 in 2004, 104.3, 103.3, 102.2, 101.1 in 2011, and at par after that
Settlement date:	March 17, 2003 with accrued interest

© 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.