By Paul A. Harris
St. Louis, May 13 - Gundle/SLT Environmental Inc. sold $150 million of eight-year senior notes (Caa1/B-) at par on Thursday to yield 11%, according to an informed source.
Price talk was 10½% to 10¾%
UBS Investment Bank ran the books on the Rule 144A issue. Jefferies & Co. was the co-manager.
Proceeds will be used to back the acquisition of Gundle/SLT Environmental Inc. by Code Hennessy & Simmons LLC.
The issuer is a Houston manufacturer and marketer of geosynthetic lining solutions, products and services.
| Issuer: | Gundle/SLT Environmental Inc.
|
| Amount: | $150 million
|
| Maturity: | May 15, 2012
|
| Security description: | Senior notes
|
| Bookrunners: | UBS Investment Bank
|
| Co-manager: | Jefferies & Co.
|
| Coupon: | 11%
|
| Price: | Par
|
| Yield: | 11%
|
| Spread: | 632 basis points
|
| Call features: | Callable after May 15, 2008 at 105.50, 102.75, par on or after May 15, 2010
|
| Equity clawback: | Until May 15, 2007 for 35% at 111.0
|
| Pricing date: | May 13
|
| Settlement date: | May 18
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Price talk: | 10½%-10¾%
|
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