Amira Nature Foods sets talk for $225 million notes; pricing Monday

By Paul A. Harris

Portland, Ore, Feb. 6 – Amira Nature Foods Ltd. talked its $225 million offering of five-year second-lien senior secured notes (B3/B-) with an 11% coupon with 2 points to 3 points of original issue discount and an all-in yield of 11˝% to 11 7/8%, according to a market source.

There were also covenant changes.

Books close at 2 p.m. ET on Monday, and the deal is set to price shortly thereafter.

Deutsche Bank, JPMorgan, Barclays, Jefferies and Key Bank are the bookrunners for the Rule 144A for life notes.

The notes come with two years of call protection. A special call provision that would have allowed the issuer to redeem 10% of the notes annually during the non-call period has been removed.

The proceeds will be used to support the development of the company’s international operations, to reduce short-term debt, to purchase land for its new manufacturing facility and for general corporate purposes.

The Dubai-based company exports packaged Indian specialty rice to more than 60 countries.

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