By Reshmi Basu
New York, Oct. 26 - KazakhGold Group Ltd. sold an upsized offering of $200 million of seven-year senior fixed-rate notes (//B-) at par to yield 9 3/8%, according to a market source.
The deal, which was increased from $150 million, priced inside of price guidance of 9¾% area. The notes will be non-callable for four years.
Proceeds will be used for capital expenditures and for general corporate purposes.
ING was the lead manager for the Regulation S transaction.
Stepnogorsk, Kazahkstan-based KazakhGold is the holding company of gold miner Kazakhaltyn.
| Issuer: | KazakhGold Group Ltd.
|
| Amount: | $200 million
|
| Issue: | Senior fixed-rate notes
|
| Maturity: | Nov. 6, 2013
|
| Coupon: | 9 3/8%
|
| Issue price: | Par
|
| Yield: | 9 3/8%
|
| Spread: | Treasuries plus 467 basis points
|
| Call option: | Callable on Nov. 6, 2010 at 104.6875, Nov. 6, 2011 at 102.343, Nov. 6, 2012 at 100.00
|
| Pricing date: | Oct. 26
|
| Settlement date: | Nov. 6
|
| Bookrunner: | ING
|
| Ratings: | Fitch: B-
|
| Price guidance: | 9¾% area
|
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