By Aaron Hochman-Zimmerman
New York, Oct. 10 - Grupo KUO SAB de CV priced $200 million 10-year senior notes (BB-/BB-) at 99.217 with a coupon of 9¾% to yield 9 7/8%, according to a market source.
The deal priced at the tight end of the initial guidance of 10%.
Credit Suisse and Citigroup were the bookrunners for the Rule 144A and Regulation S deal.
The bonds are callable after five years at a premium, starting at 104.875 in 2012.
During the first five years the bonds have a make-whole call at Treasuries plus 50 basis points.
There is a change-of-control put at 101.
Proceeds will be used to refinance existing indebtedness.
Grupo Kuo is a Bosques de las Lomas, Mexico-based holding company engaged in the manufacturing of auto parts, chemicals and food products.
| Issuer: | Grupo KUO SAB de CV
|
| Amount: | $200 million
|
| Issue: | 10-year senior notes
|
| Maturity: | Oct. 17, 2017
|
| Coupon: | 9¾%
|
| Price: | 99.217
|
| Yield: | 9 7/8%
|
| Call features: | Non-callable for five years, then at 104.875 in 2012, 103.25 in 2013, 101.675 in 2014, then par; make-whole call at Treasuries plus 50 bps for first five years
|
| Bookrunners: | Credit Suisse, Citigroup
|
| Pricing date: | Oct. 10
|
| Settlement date: | Oct. 17
|
| Ratings: | Standard & Poor's: BB-
|
| Fitch: BB-
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 10%
|
© 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.
