By Paul A. Harris
Portland, Ore., Dec. 1 – Mountain Province Diamonds Inc. priced an upsized $330 million of 8% five-year senior secured second-lien notes (B3/B-/BB-) at 97.992 to yield 8½% on Friday, according to a market source.
The yield printed at the wide end of the 8¼% to 8½% yield talk. The reoffer price came cheap to discount talk of approximately 1 point.
The notes were increased from an originally planned $225 million.
Credit Suisse Securities (USA) LLC and Scotia Capital were the joint bookrunners.
The Toronto-based diamond mining company plans to use the proceeds to refinance bank debt.
| Issuer: | Mountain Province Diamonds Inc.
|
| Amount: | $330 million, increased from $225 million
|
| Maturity: | Dec. 15, 2022
|
| Securities: | Senior secured second-lien notes
|
| Bookrunners: | Credit Suisse Securities (USA) LLC, Scotia Capital
|
| Coupon: | 8%
|
| Price: | 97.992
|
| Yield: | 8½%
|
| Spread: | 641 bps
|
| First call: | Dec. 15, 2019 at 104
|
| Equity clawback: | 40% at 108 until Dec. 15, 2019
|
| Trade date: | Dec. 1
|
| Settlement date: | Dec. 11
|
| Ratings: | Moody’s: B3
|
| S&P: B-
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8¼% to 8½% all-in yield at about 1 point OID
|
| Marketing: | Roadshow
|
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