By Aaron Hochman-Zimmerman
New York, Sept. 26 - Grupo Senda Autotransporte SA priced its $150 million of eight-year notes (B+/B+) at par to yield 10½%, according to a market source.
Credit Suisse was the bookrunner for the Rule 144A and Regulation S deal.
The bonds are non-callable for four years apart from a make-whole call at Treasuries plus 50 basis points. After the four years, they are callable at 105.25 in 2011, 103.5 in 2012, 101.75 in 2013 and par in 2014. The bonds mature on Oct. 3, 2015.
The notes have a change-of-control put 101.
Proceeds will be used to refinance existing debt.
Senda is a Monterrey, Mexico-based passenger bus and cargo line.
| Issuer: | Grupo Senda
|
| Amount: | $150 million
|
| Issue: | Eight-year notes
|
| Maturity: | Oct. 3, 2008
|
| Coupon: | 10½%
|
| Price: | Par
|
| Yield: | 10½%
|
| Call: | Make-whole call at Treasuries plus 50 bps, then in 2011 at 105.25, then 103.5, 101.75, par
|
| Bookrunner: | Credit Suisse
|
| Pricing date: | Sept. 26
|
| Settlement date: | Oct. 3
|
| Distribution: | Rule 144A/Regulation S
|
| Rating: | Standard & Poor's: B+
|
| Fitch: B+
|
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