By Christine Van Dusen
Atlanta, May 2 - Mexico's Satelites Mexicanos SA de CV (Satmex) priced $325 million senior secured notes due May 15, 2017 (B3/B/) at par to yield 9½%, a market source said.
The deal priced at the tight end of talk, which was set at 9½% to 9¾%.
The notes include a make-whole call at Treasuries plus 50 basis points prior to May 15, 2014. Thereafter, the notes are callable on or after May 15 at 104.75 in 2014, 102.375 in 2015 and par in 2016.
The deal also includes an equity clawback of 35% at 109.5 prior to May 15, 2014.
Jefferies was the bookrunner for the Rule 144A and Regulation S transaction.
Proceeds will be used to redeem the company's existing first-lien notes and for other funding needs.
Satmex is a Mexico City-based satellite service provider.
| Issuer: | Satelites Mexicanos SA de CV (Satmex)
|
| Amount: | $325 million
|
| Maturity: | May 15, 2017
|
| Description: | Senior secured notes
|
| Bookrunners: | Jefferies
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Call features: | Make-whole call at Treasuries plus 50 bps prior to May 15, 2014; callable on or after May 15 at 104.75 in 2014, 102.375 in 2015 and par in 2016.
|
| Put features:
|
| Equity clawback: | 35% at 109.5 prior to May 15, 2014
|
| Trade date: | May 2
|
| Settlement date: | May 5
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 9½% to 9¾%
|
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