By Reshmi Basu
New York, May 11 - New World Resources BV sold €300 million eight-year senior notes (B3/B) at par to yield 7 3/8%, according to a market source.
The deal priced inside of initial guidance, which was set for a yield of 7½% to 7¾%.
Morgan Stanley, Barclays Capital and Citigroup were bookrunners for the Rule 144A and Regulation S offering of notes, which comes with four years of call protection.
Proceeds will be used to repay bank debt and to fund capital expenditures.
The issuer is a Netherlands-based holding company, whose activities include coal mining and coke production in the Czech Republic.
| Issuer: | New World Resources BV
|
| Amount: | €300 million
|
| Issue: | Senior notes
|
| Maturity: | May 15, 2015
|
| Coupon: | 7 3/8%
|
| Issue price: | Par
|
| Yield: | 7 3/8%
|
| Spread: | 318.6 basis points over Bunds
|
| Call option: | Non-callable for four years
|
| Lead managers: | Morgan Stanley, Barclays Capital, Citigroup
|
| Pricing date: | May 11
|
| Settlement date: | May 18
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A/Regulation S
|
| Price guidance: | 7½% to 7¾%
|
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