New Issue: Germany's Heidelberger Druckmaschinen raises €300 million via 9¼% notes sale

By Paul A. Harris

Portland, Ore., March 31 - Germany's Heidelberger Druckmaschinen AG priced a €304 million issue of 9¼% seven-year senior notes (Caa1/B-) at 98.735 to yield 9½% on Thursday, according to a market source.

The yield printed at the tight end of the 9½% to 9¾% price talk.

Deutsche Bank, Citigroup, BNP Paribas, Commerzbank and LBBW were the joint bookrunners. Deutsche Bank will bill and deliver.

DZ Bank, HSBC and WestLB are the co-managers

The Heidelberg, Germany-based manufacturer of offset printing presses plans to use the proceeds to refinance existing debt.

Issuer:	Heidelberger Druckmaschinen Aktiengesellschaft
Amount:	€304 million
Proceeds:	€300.154 million
Maturity:	April 15, 2018
Securities:	Senior notes
Bookrunners:	Deutsche Bank (bill and deliver), Citigroup, BNP Paribas, Commerzbank, LBBW
Co-Managers: DZ Bank, HSBC, WestLB
Coupon:	9¼%
Price:	98.735
Yield:	9½%
Spread:	642 bps
Call features:	Callable on April 15, 2014 at 106.938, 104.625, 102.313, par on and after April 15, 2017
Trade date:	March 31
Settlement date:	April 7
Ratings:	Moody's: Caa1
	Standard & Poor's: B-
Distribution:	Rule 144A and Regulation S for life
Price talk:	9½% to 9¾%
Marketing:	Roadshow

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