By Paul A. Harris
Portland, Ore., March 29 - Kemet Corp. priced a $15 million add-on to its 10½% senior notes due May 1, 2018 (B2/B+/) at 105.5 on Thursday, according to an informed source.
The reoffer price renders an 8.86% yield to worst and a 9.292% yield to maturity.
Bank of America Merrill Lynch and Deutsche Bank Securities Inc. were the joint bookrunners for the quick-to-market add-on.
The Greenville, S.C.-based capacitor manufacturer plans to use the proceeds to finance a portion of the acquisition of Niotan Inc. and for general corporate purposes.
The original $230 million issue priced at 98.685 to yield 10¾ in April 2010.
A previous $110 million add-on priced at 105.5 on March 22, 2012 with a 8.864% yield to worst.
| Issuer: | Kemet Corp.
|
| Amount: | $15 million
|
| Maturity: | May 1, 2018
|
| Security description: | Add-on to 10½% senior notes due May 1, 2018
|
| Bookrunners: | Bank of America Merrill Lynch, Deutsche Bank Securities Inc.
|
| Coupon: | 10½%
|
| Price: | 105.5
|
| Yield to maturity: | 9.292%
|
| Yield to worst: | 8.86%
|
| Call protection: | Make-whole call at Treasuries plus 50 bps until May 1, 2014, then callable at 105.25
|
| Equity clawback: | 35% at 110.5 until May 1, 2013
|
| Trade date: | March 29
|
| Settlement date: | April 3 with accrued interest
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Quick to market
|
| Original issue: | $230 million priced at 98.685 to yield 10¾ in April 2010
|
| Previous add-on: | $110 million priced at 105.5 on March 22, 2012 with 8.864% yield to worst
|
| Total issue size: | $355 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
