By Paul A. Harris
St. Louis, Sept. 15 - Kerzner International Ltd. priced a $400 million issue of 10-year senior subordinated notes (B2/B) at par to yield 6¾% in a quick-to-market transaction, according to a syndicate source.
The yield came on top of the 6¾% area price talk.
Deutsche Bank Securities and JP Morgan ran the books for the Rule 144A/Regulation S issue. The co-managers were Bear Stearns & Co., Goldman Sachs, Merrill Lynch & Co., Wachovia Securities and Wells Fargo Securities.
Proceeds, together with cash on hand, will be used to finance the tender for $400 million of the company's 8 7/8% senior subordinated notes.
Kerzner is an international developer and operator of destination resorts, casinos and luxury hotels and is based in Paradise Island, The Bahamas.
| Issuer: | Kerzner International Ltd.
|
| Amount: | $400 million
|
| Maturity: | Oct. 1, 2015
|
| Security description: | Senior subordinated notes
|
| Bookrunners: | Deutsche Bank Securities, JP Morgan
|
| Co-managers: | Bear Stearns & Co., Goldman Sachs, Merrill Lynch & Co., Wachovia Securities, Wells Fargo Securities
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 254 basis points
|
| Call protection: | Five years
|
| Trade date: | Sept. 15
|
| Settlement date: | Sept. 22
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Price talk: | 6¾% area
|
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