Published on 11/8/2001 in the Prospect News High Yield Daily.
New Issue: Land O'Lakes upsizes 10-year notes to $350 million, yield 8¾%
By Paul A. Harris
St. Louis, Mo., Nov. 8 - Land O'Lakes Inc. upsized its offering of 10-year senior notes Thursday to $350 million and priced them at par for a yield of 8.75%, at the tight end of Wednesday's price talk of "8¾%-9%," a syndicate source told Prospect News.
The deal was originally announced at $300 million.
J.P. Morgan was the bookrunner. The co-managers included SPP Capital Partners LLC, SunTrust Robinson Humphrey, Bank of Tokyo Mitsubishi, and US Bancorp Piper Jaffray.
Issuer: Land O'Lakes Inc.
Amount: $350 million (upsized from $300 million)
| Maturity: | Nov. 15, 2011
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| Bookrunner: | J.P. Morgan
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| Coupon: | 8¾%
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| Price: | Par
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| Yield: | 8.75%
|
| Spread | 450 basis points
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| Call: | Callable beginning Nov. 15, 2006 at 104.375, then at 102.917, 101.458, declining to par
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| in 2009
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| Equity claw: | None
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| Settlement: | Nov. 14, 2001
|
| Ratings | Moody's Ba3
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| Standard & Poor's BB
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| Cusip: | 514666AC0
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| End
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