By Paul A. Harris
St. Louis, Feb. 9 - Griffin Coal Mining Co. upsized to $75 million from $50 million an add-on to its 9½% senior notes due Dec. 1, 2016 (existing Ba2/confirmed BB-) and priced the notes at 103.50 on Friday, according to a market source.
The issue price came on top of the price talk. The resulting yield was 8.951%.
Merrill Lynch & Co. was the bookrunner for the Rule 144A for life notes.
Proceeds will be used to support the company's liquidity ahead of its significant capital expenditures.
The original $400 million issue priced at par in November 2006, bringing the total issue size to $475 million.
Griffin Coal is a private coal mining company based in Western Australia.
| Issuer: | Griffin Coal Mining Co.
|
| Amount: | $75 million (upsized from $50 million)
|
| Maturity: | Dec. 1, 2016
|
| Security description: | Add-on to 9½% senior notes
|
| Bookrunner: | Merrill Lynch & Co.
|
| Coupon: | 9½%
|
| Price: | 103.50
|
| Yield: | 8.951%
|
| Spread: | 420 bps
|
| Call protection: | Non-callable with a Treasuries plus 50 bps make-whole call
|
| Trade date: | Feb. 9
|
| Settlement date: | Feb. 16, with accrued interest
|
| Ratings: | Moody's: Ba2 (existing)
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A for life
|
| Price talk: | 103.50 area
|
| Original issue: | $400 million issue priced at par in November 2006
|
| Total issue size: | $475 million
|
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