New Issue: Heidelberger Druckmaschinen prices €51 million tap of 9¼% notes due 2018 at 105.75

By Paul A. Harris

Portland, Ore., Dec. 10 - Heidelberger Druckmaschinen AG priced a €51 million add-on to its 9¼% senior notes due April 15, 2018 (confirmed Caa1/expected CCC+) at 105.75 to yield 7.659% on Tuesday, according to a market source.

The reoffer price came at the rich end of the 105.5 to 105.75 price talk.

Joint bookrunner Deutsche Bank will bill and deliver. BNP Paribas, Commerzbank and LLBW were also joint bookrunners.

The Heidelberg, Germany-based manufacturer of sheetfed offset printing presses plans to use the proceeds for general corporate purposes.

Issuer:	Heidelberger Druckmaschinen AG
Face amount:	€51 million, increased from €50 million
Proceeds:	€54 million
Maturity:	April 15, 2018
Security description:	Add-on to 9¼% senior notes due April 15, 2018
Bookrunners:	Deutsche Bank (bill and deliver), BNP Paribas, Commerzbank, LLBW
Co-managers:	DZ Bank, HSBC
Coupon:	9¼%
Price:	105.75
Yield to maturity:	7.659%
Spread:	699 bps
First call:	April 15, 2014 at 106.938
Trade date:	Dec. 10
Settlement date:	Dec. 17
Ratings:	Moody's: Caa1 (confirmed)
	Standard & Poor's: CCC+ (expected)
Distribution:	Rule 144A and Regulation S
Price talk:	105.5 to 105.75
Marketing:	Quick to market
Original issue:	€304 million priced at 98.735 to yield 9½% in March 2011
Fungibility:	Add-on notes will be fungible with original notes
Total issue size:	€355 million

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