By Paul A. Harris
St. Louis, April 5 - Kronos International Inc. priced a €400 million issue of 6 5/8% seven-year senior secured notes (B2/B+) at 99.306 to yield 6¾% on Wednesday, according to market sources.
The yield came at the wide end of the 6½% to 6¾% price talk.
Deutsche Bank Securities ran the books for the Rule 144A and Regulation S issue.
Proceeds will be used to repay the company's 8 7/8% senior secured notes due 2009.
The issuer is a wholly owned subsidiary of Dallas-based Kronos Worldwide, Inc., an international producer of titanium dioxide pigments.
| Issuer: | Kronos International Inc.
|
| Amount: | €400 million
|
| Maturity: | April 15, 2013
|
| Security description: | Senior secured notes
|
| Bookrunner: | Deutsche Bank Securities
|
| Coupon: | 6 5/8%
|
| Price: | 99.306
|
| Yield: | 6¾%
|
| Spread: | 287 bps
|
| Call protection: | 3.5 years
|
| Trade date: | April 5
|
| Settlement date: | April 11
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 6½%-6¾%
|
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