By Paul A. Harris
Portland, Ore., June 27 - England's Kerling plc has priced a €75 million 10% five-year senior secured loan (B3/B/) at 99.04 to yield 10¼%, according to an informed source.
Bank of America Merrill Lynch ran the books.
Kerling, through its Ineos ChlorVinyls business, will use the proceeds to help finance its acquisition of Belgium-based Tessenderlo Group's chlor-vinyls business and assets in Belgium, France and the Netherlands for €110 million in cash.
Kerling is a Runcorn, England-based producer of PVC and related products.
| Issuer: | Kerling plc
|
| Amount: | €75 million
|
| Maturity: | June 30, 2016
|
| Security description: | Senior secured loan
|
| Bookrunner: | Bank of America Merrill Lynch
|
| Coupon: | 10%
|
| Price: | 99.04
|
| Yield: | 10¼%
|
| Call protection: | Callable in December 2013 at 105, 102.5, par on and after December 2015
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
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