By Reshmi Basu and Paul A. Harris
New York, June 24 - Hynix Semiconductor Inc. sold a downsized $500 million dual-tranche offering of seven-year senior notes (B1/B+), according to sources.
The size of the offering was decreased from $750 million.
The $300 million portion of seven-year fixed-rate notes priced at 97 with a 9 7/8% coupon to yield 10.491%. The deal priced at the tight end of revised price talk in the 10½% area, raised from the original 9¾% area.
The tenor of the notes was decreased to seven years from 10 years, and call protection was decreased to four years from five years.
Meanwhile, the Seoul-based company sold $200 million of seven-year floating-rate notes at par to yield Libor plus 650 basis points, in line with revised talk.
Talk was increased to Libor plus 650 bps from initial talk in the 600 bps area.
Citigroup, Deutsche Bank Securities, UBS Investment Bank and Merrill Lynch & Co. were the joint underwriters.
Proceeds will be used to repay debt.
| Issuer: | Hynix Semiconductor Inc.
|
| Issue: | Dual tranche offering of senior notes
|
| Total amount: | $500 million
|
| Pricing date: | June 24
|
| Settlement date: | July 5
|
| Underwriters: | Citigroup, Deutsche Bank Securities, UBS Investment Bank, Merrill Lynch
|
|
|
| Fixed-rate notes
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| Amount: | $300 million
|
| Maturity: | Seven years
|
| Coupon: | 9 7/8%
|
| Issue price: | 97
|
| Yield: | 10.491%
|
| Call option: | Non-callable for four years
|
| Revised price talk: | 10½% area
|
|
|
| Floating-rate notes
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| Amount: | $200 million
|
| Maturity: | Seven years
|
| Coupon: | Libor plus 650 bps
|
| Issue price: | Par
|
| Yield: | Libor plus 650 bps
|
| Call option: | Non-callable for two years
|
| Revised price talk: | Libor plus 650 bps
|
|
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