New Issue: KUKA prices €202 million seven-year notes at 99.3605 to yield 8¾%

By Paul A. Harris

St. Louis, Nov. 12 - KUKA AG priced a €202 million issue of 8¾% senior second-priority notes (B3/B-/) at 99.3605 to yield 8¾% on Thursday, according to market sources.

The yield printed 12.5 basis points inside of the 9% area guidance.

Deutsche Bank and Goldman Sachs & Co. were the joint bookrunners.

The Augsburg, Germany-based robotics company will use the proceeds to refinance debt.

Issuer:	KUKA AG
Face amount:	€202 million
Proceeds:	€200.71 million (approximate)
Maturity:	Nov. 15, 2017
Securities:	Senior second-priority notes
Bookrunners:	Deutsche Bank, Goldman Sachs & Co.
Co-managers:	Commerzbank, LBBW, UniCredit
Coupon:	8¾%
Price:	99.3605
Yield:	8¾%
Spread:	681 bps
Call features:	Callable on Nov. 15, 2014 at 104.375, 102.188, par on and after Nov. 15, 2016
Trade date:	Nov. 11
Settlement date:	Nov. 18
Ratings:	Moody's: B3
	Standard & Poor's: B-
Distribution:	Rule 144A and Regulation S for life
Guidance:	9% area
Marketing:	Roadshow

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