By Reshmi Basu
New York, Jan. 18 - Brazilian private equity firm GP Investments, Ltd. sold a $150 million offering of perpetual notes (/B+/B) at par to yield 10%, according to a market source.
The notes, which come with five years of call protection, came in line with price guidance that was in the 10% area.
Additionally, the issue will be secured by a first-priority pledge representing 100% of GP Private Equity issued and outstanding shares.
The Sao Paulo, Brazil-based issuer pledges to fund an 18-month interest reserve account.
Credit Suisse was the bookrunner for the Rule 144A and Regulation S offering.
Issuer: | GP Investments, Ltd.
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Amount: | $150 million
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Issue: | Secured notes
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Maturity: | Perpetual
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Coupon: | 10%
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Issue price: | Par
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Yield: | 10%
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Call option: | Callable on Jan. 23, 2012 at par
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Pricing date: | Jan. 18
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Settlement date: | Jan. 23
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Bookrunner: | Credit Suisse
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Distribution: | Rule 144A/Regulation S
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Ratings: | Standard & Poor's: B+
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| Fitch: B
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Price guidance: | 10% area
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