Published on 1/26/2004 in the Prospect News High Yield Daily.
New Issue: Head upsized €135 million 10-year notes yield 8½%
By Paul A. Harris
St. Louis, Jan. 26 - HTM Sport/Freizeitgerte AG (Head NV) priced an upsized €135 million offering of 10-year senior notes (B2/B) Monday at par to yield 8½%, a market source said.
The issue, which matures Feb. 1, 2014, was increased from a planned €125 million.
Price talk was 8½%-8¾%.
Citigroup ran the books on the Rule 144A/Regulation S issue.
Proceeds will be used to redeem Head Holding Unternehmensbeteiligung GmbH's 10% senior notes due 2006, to repay debt and for general corporate purposes.
The issuer is a Rotterdam-based manufacturer and marketer of sports equipment.
Issuer: | HTM Sport/Freizeitgerte AG (Head NV)
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Amount: | €135 million (increased from €125 million)
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Maturity: | Feb. 1, 2014
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Security description: | Senior notes
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Bookrunner: | Citigroup
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Coupon: | 8½%
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Price: | Par
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Yield: | 8½%
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Spread: | 434 basis points
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Call features: | Callable after Feb. 1, 2009 at 104.25, 102.833, 101.417, par on Feb. 1, 2012 and thereafter
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Equity clawback: | Until Feb. 1, 2007 for 35% at 108.50
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Pricing date: | Jan. 26
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Settlement date: | Jan. 29
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Ratings: | Moody's: B2
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| Standard & Poor's: B
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Price talk: | 8½%-8¾%
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