By Paul A. Harris
Portland, Ore., March 30 - Mexico's Satelites Mexicanos, SA de CV priced a $35 million add-on to its 9½% senior secured notes due May 15, 2017 (B3/B/) at 102 on Friday, according to an informed source.
The reoffer price, which came at the rich end of the 101.50 to 102 price talk, rendered an 8.902% yield to worst and an 8.998% yield to maturity.
Jefferies & Co. ran the books for the quick-to-market sale.
Proceeds, along with internal cash, will be used to fund a new satellite.
The original $325 million issue priced at par in May 2011.
Satmex is a Mexico City-based satellite service provider.
| Issuer: | Satelites Mexicanos, SA de CV
|
| Amount: | $35 million
|
| Proceeds: | $37.5 million
|
| Maturity: | May 15, 2017
|
| Securities: | Fungible add-on to 9½% senior secured notes due May 15, 2017
|
| Bookrunner: | Jefferies & Co.
|
| Coupon: | 9½%
|
| Price: | 102
|
| Yield to worst: | 8.902%
|
| Yield to maturity: | 8.998%
|
| Call features: | Make-whole at Treasuries plus 50 bps until May 15, 2014, then callable at 104.75, 102.375, par on or after May 15, 2016
|
| Equity clawback | 35% at 109.5 until May 15, 2014
|
| Change-of-control put: | 101%
|
| Trade date: | March 30
|
| Settlement date: | April 9
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S with registration rights
|
| Marketing: | Quick to market
|
| Original issue: | $325 million priced at par in May 2011
|
| Total issue size: | $360 million
|
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