By Paul A. Harris
St. Louis, Sept. 18 - Brazilian industrial conglomerate Grupo Votorantim priced a $1 billion issue of 6 5/8% 10-year senior unsecured notes (/BBB/BBB-) at 99.102 to yield 6¾% on Friday, according to a market source.
The yield printed tight to the 6 7/8% area price talk.
Citigroup, HSBC, Banco Itau and Banco Santander ran the books for the Rule 144A and Regulation S deal.
The senior co-manager was Banco do Brasil, and the co-managers were Bank of America Merrill Lynch, BNP Paribas, Deutsche Bank, SG Corporate & Investment Banking and WestLB.
The notes were priced through Voto-Votorantim Overseas Trading Operations V Ltd.
Proceeds will be used to refinance debt.
| Issuer: | Voto-Votorantim Overseas Trading Operations V Ltd.
|
| Amount: | $1 billion
|
| Maturity: | Sept. 25, 2019
|
| Security description: | Senior unsecured notes
|
| Bookrunners: | Citigroup, HSBC, Banco Itau, Banco Santander
|
| Senior co-manager: | Banco do Brasil
|
| Co-managers: | Bank of America Merrill Lynch, BNP Paribas, Deutsche Bank, SG Corporate & Investment Banking, WestLB
|
| Coupon: | 6 5/8%
|
| Price: | 99.102
|
| Yield: | 6¾%
|
| Spread: | 332 bps
|
| Call protection: | Make-whole call at Treasuries plus 50 bps
|
| Trade date: | Sept. 18
|
| Settlement date: | Sept. 25
|
| Ratings: | Standard & Poor's: BBB
|
| Fitch: BBB-
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 6 7/8% area
|
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