By Paul A. Harris
St. Louis, Nov. 16 - OPTI Canada Inc. priced a $425 million issue of 9% three-year first-lien senior secured notes (B2/B+/) at 97.00 to yield 10.156% on Monday, according to an informed source.
The yield came slightly wider than the 10% to 10 1/8% price talk.
Credit Suisse was the bookrunner for the quick-to-market deal.
Proceeds will be used to establish sufficient liquidity and flexibility for the company to proceed with its previously announced review of its strategic alternatives.
The issuer is a Calgary, Alta.-based energy company.
| Issuer: | OPTI Canada Inc.
|
| Face amount: | $425 million
|
| Proceeds: | $412.25 million
|
| Maturity: | Dec. 15, 2012
|
| Securities: | First-lien senior secured notes
|
| Bookrunner: | Credit Suisse
|
| Coupon: | 9%
|
| Price: | 97.00
|
| Yield: | 10.156%
|
| Spread: | 885 bps
|
| Call features: | Callable on Dec. 15, 2010 at 102, thereafter, par on and after June 15, 2012
|
| Trade date: | Nov. 16
|
| Settlement date: | Nov. 20
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 10% to 10 1/8%
|
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