New Issue: Nyco Holdings €225 million 10-year notes yield 11½%

By Paul A. Harris

St. Louis, March 18 - Nyco Holdings 2 ApS priced an offering of €225 million of senior notes due March 31, 2013 (B3/B-) at par Tuesday to yield 11½%, according to an informed source.

Price talk was for a yield of 11%-11¼%.

Credit Suisse First Boston was the bookrunner. HVB Corporates & Markets was co-manager.

Proceeds from the Rule 144A notes, along with junior mezzanine issuance, will be used to repay a €305 million bridge finance facility used to finance the company's LBO.

The issuer is a Norwegian pharmaceutical company.

Issuer:	Nyco Holdings 2 ApS
Amount:	€225 million
Maturity:	March 31, 2013
Security description:	Senior notes
Bookrunner:	Credit Suisse First Boston
Co-manager:	HVB Corporates & Markets
Coupon:	11½%
Price:	Par
Yield:	11½%
Spread:	742 basis points over Bunds
Call features:	Callable during first five years at Bund + 50 make-whole, then callable on March 31, 2008 at 105.750, then at 103.833, 101.917, declining to par on March 31, 2011 and thereafter
Equity clawback:	Until March 31, 2006 for 35% at 111.500
Settlement date:	March 21 2003 (T+3)
Payment dates:	March 31 and Sept. 30, beginning Sept. 30, 2003 (long first coupon)
Ratings:	Moody's: B3
	Standard & Poor's: B-
Rule 144A ISIN:	XSO165132530
Price talk:	11%-11¼%

© 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.