By Paul A. Harris
St. Louis, May 10 - Mecachrome International Inc. priced an upsized €200 million issue of 9% eight-year senior subordinated notes (Caa1/B-) at 99.302 to yield 9 1/8% on Wednesday, according to an informed source.
The yield came in the middle of the 9% to 9¼% price talk.
Merrill Lynch & Co. ran the books for the issue, which was priced as Rule 144A for life and under Regulation S. RBC Capital Markets was the joint lead manager.
The company is also obtaining a €145 million credit facility.
Proceeds will be used to repay debt.
The issue was upsized from €175 million
Mecachrome is a Montreal-based designer, manufacturer and assembler of precision-engineered industrial components for the automotive and aerospace industries in Europe and North America.
| Issuer: | Mecachrome International Inc.
|
| Amount: | €200 million (increased from €175 million)
|
| Maturity: | May 15, 2014
|
| Security description: | Senior subordinated notes
|
| Bookrunner: | Merrill Lynch & Co.
|
| Joint lead manager: | RBC Capital Markets
|
| Coupon: | 9%
|
| Price: | 99.302
|
| Yield: | 9 1/8%
|
| Spread: | 517.5 bps
|
| Call protection: | Four years
|
| Trade date: | May 10
|
| Settlement date: | May 17
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A for life/Regulation S
|
| Price talk: | 9%-9¼%
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
