By Paul A. Harris
St. Louis, Mo., Feb. 13 - Kamps AG upsized its offering of senior unsecured notes due Feb. 15, 2009 to €325 million from a planned amount of €300 million and priced the deal Wednesday at par to yield 8½%, according to syndicate sources.
"It priced right at talk," a syndicate official commented.
"The issue was three times oversubscribed," added Thomas Sterz of Kamps, investor relations.
Sterz told Prospect News that proceeds from the upsized deal would be used for "tendering the existing LYONS," Kamps' outstanding convertible securities.
Asked if he perceived conditions in the present high yield market to be favorable ones for issuers, Sterz replied: "For Kamps as an issuer, yes, because we work with a leading market position in a very stable and large market.
"Obviously the investors are sure that Kamps is a good investment," he added.
J.P. Morgan ran the books on the Rule 144A deal. BNP Paribas was co-lead. ABN Amro and West LB were co-managers.
| Issuer: | Kamps AG
|
| Amount: | €325 million (increased from €300 million)
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| Maturity: | Feb. 15, 2009
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| Type: | Senior unsecured notes
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| Bookrunner: | J.P. Morgan
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| Coupon: | 8½%
|
| Price: | Par
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| Yield: | 8½%
|
| Spread: | 369 basis points over the 3¾% Bund due Jan., 2009
|
| Call features: | | Callable on Feb. 15, 2006 at 104.25, 102.125, par on Feb. 15, 2008 and thereafter
|
| Equity clawback: | Until Feb. 15, 2005 for 35% at 108.50
|
| Settlement date: | Feb. 18
|
| Ratings: | Standard & Poor's: BB
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