By Paul A. Harris
St. Louis, May 16 - S.P.C.M. SA, owner of SNF Chemical Group, priced a €50 million add-on to its 8¼% senior notes due June 15, 2013 (B3/B) at 108 on Wednesday, resulting in a 6 3/8% yield to worst, according to an informed source.
The add-on, which generated $54 million of proceeds, priced on top of the price talk.
Calyon Securities was the bookrunner for the quick-to-market Rule 144A and Regulation S transaction.
Proceeds will be used to reduce the company's revolving credit facility, currently €21.5 million, and for general corporate purposes.
The original €175 million issue priced at par on June 22, 2006. The company previously did a €20 million tap, which priced at 102 to yield 7.822% on July 7, 2006.
The total issue size following Wednesday's €50 million tap is €245 million.
The company, based in Andrezieux, France, produces specialty chemicals, such as water-soluble polymers.
| Issuer: | S.P.C.M. SA (owner of SNF Chemical Group)
|
| Face amount: | €50 million
|
| Proceeds: | €54 million
|
| Maturity: | June 15, 2013
|
| Security description: | Add-on to 8¼% senior notes
|
| Bookrunner: | Calyon Securities
|
| Coupon: | 8¼%
|
| Price: | 108
|
| Yield to worst: | 6 3/8%
|
| Spread: | 215.6 bps
|
| Call: | Make-whole call at 50 bps over Bunds until June 15, 2009; then at 108.25, 104.125, 102.063 and finally at par
|
| Trade date: | May 16
|
| Settlement date: | May 22, with accrued interest
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 108
|
| Original issue: | €175 million priced at par on June 22, 2006
|
| Previous tap: | €20 million priced at 102 to yield 7.822% on July 7, 2006
|
| Total issue size: | €245 million
|
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