By Paul A. Harris
St. Louis, Jan. 27 - SGL Carbon Luxembourg SA sold €270 million of senior notes due Feb. 12, 2012 (Caa1/CCC+) Tuesday at par to yield 8½%, a market source said.
Price talk was in the area of 8½%.
Credit Suisse First Boston and Deutsche Bank Securities ran the books on the Rule 144A/Regulation S issue.
The notes are guaranteed on a senior subordinated basis by SGL Carbon AG and certain of its subsidiaries.
The Wiesbaden, Germany-based producer of carbon and graphite products plans to use proceeds to repay bank debt, to redeem convertible notes and to pay an antitrust fine.
| Issuer: | SGL Carbon Luxembourg SA
|
| Amount: | €270 million
|
| Maturity: | Feb. 12, 2012
|
| Security description: | Senior notes
|
| Bookrunners: | Credit Suisse First Boston, Deutsche Bank Securities
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| Spread: | 458 basis points
|
| Call protection: | 4.5 years
|
| Pricing date: | Jan. 27
|
| Settlement date: | Feb. 9
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Price talk: | 8½% area
|
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