By Paul A. Harris
St. Louis, July 9 - Oxea Finance, a financing unit of German chemicals manufacturer Oxea GmbH, raised approximately €505 million equivalent via the sale of its seven-year senior secured notes (B2/B+/) on Friday, according to market sources.
The deal included dollar-denominated and euro-denominated notes.
The Oberhausen, Germany-based firm sold $260 million of notes at par to yield 9½%. The yield on the dollar-denominated notes printed on top of price talk.
Oxea also sold €300 million of notes at par to yield 9 5/8%, tight to the 9¾% price talk.
Deutsche Bank Securities and Morgan Stanley were the joint bookrunners. JPMorgan was a co-manager.
Proceeds will be used to repay bank debt, to repay shareholder loans, to fund a distribution to shareholders and for general corporate purposes.
| Issuer: | Oxea Finance (Oxea GmbH)
|
| Amount: | €505 million equivalent (approximate)
|
| Maturity: | July 15, 2017
|
| Securities: | Senior secured notes
|
| Bookrunners: | Deutsche Bank Securities, Morgan Stanley
|
| Co-manager: | JPMorgan
|
| Trade date: | July 9
|
| Settlement date: | July 16
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
|
|
| Dollar-denominated notes
|
| Amount: | $260 million
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Spread: | 701 bps
|
| Call protection: | Three years
|
| Price talk: | 9½%
|
|
|
| Euro-denominated notes
|
| Amount: | €300 million
|
| Coupon: | 9 5/8%
|
| Price: | Par
|
| Yield: | 9 5/8%
|
| Spread: | 747 bps
|
| Price talk: | 9¾%
|
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