By Rebecca Melvin
New York, May 4 – Hungary’s Nitrogenmuvek Zrt. priced its planned €200 million of seven-year notes (expected ratings: B/B+) to yield 7% on Friday, a syndicate source confirmed.
The notes are non-callable for three years.
Pricing was tightened from guidance of 7% to 7¼% on Thursday.
BNP Paribas, JPMorgan and Raiffeisen Bank International AG are joint lead managers and joint bookrunners of the Rule 144A and Regulation S deal, which is expected to settle on May 11.
The proceeds will be used to refinance the company’s outstanding dollar-denominated 7 7/8% eurobonds due May 21, 2020 and for general corporate purposes.
Nitrogenmuvek is a Veszprem, Hungary-based producer of ammonia and fertilizers.
A listing on the Euronext Dublin exchange is planned.
| Issuer: | Nitrogenmuvek Zrt.
|
| Issue: | Notes
|
| Amount: | €200 million
|
| Maturity: | May 11, 2025
|
| Bookrunners: | BNP Paribas (bill and deliver), JPMorgan, Raiffeisen Bank International AG
|
| Yield: | 7%
|
| Call: | Non-callable for three years
|
| Change-of-control put: | 101%
|
| Pricing date: | May 4
|
| Settlement date: | May 11
|
| Ratings: | S&P: B
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7%-7¼%
|
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