By Paul A. Harris
Portland, Ore., Feb. 9 - Australia's Midwest Vanadium Pty. Ltd. priced a $335 million issue of seven-year senior secured first-lien notes (B3/B-/) at par to yield 11½% on Wednesday, according to market sources.
The yield printed at the tight end of the 11½% to 11¾% price talk.
J.P. Morgan Securities LLC ran the books.
Proceeds will be used to refinance debt, as well as to fund capital expenditures and for general corporate purposes.
The issuer is a Perth, Australia-based vanadium producer.
| Issuer: | Midwest Vanadium Pty. Ltd.
|
| Amount: | $335 million
|
| Maturity: | Feb. 15, 2018
|
| Securities: | Senior secured first-lien notes
|
| Bookrunner: | J.P. Morgan Securities LLC
|
| Coupon: | 11½%
|
| Price: | Par
|
| Yield: | 11½%
|
| Spread: | 843 bps
|
| Call protection: | Make-whole call at Treasuries plus 50 bps until Feb. 15, 2015, then callable at a premium
|
| Trade date: | Feb. 9
|
| Settlement date: | Feb. 16
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 11½% to 11¾%
|
| Marketing: | Roadshow
|
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