By Paul A. Harris
St. Louis, July 7 - French specialty chemical manufacturer SNF Floerger priced a €20 million add-on to its 8¼% senior notes due June 15, 2013 (B3/B) at 102.00 to yield 7.822% on Friday, according to market sources.
Calyon Securities ran the books for the Rule 144A and Regulation S add-on. Banc of America Securities LLC was the joint lead manager.
The company, based in Andrezieux, France, produces specialty chemicals, such as water-soluble polymers.
The original €175 million issue priced at par on June 22.
| Issuer: | SNF Floerger
|
| Amount: | €20 million
|
| Maturity: | June 15, 2013
|
| Security description: | Add on to 8¼% senior notes
|
| Bookrunner: | Calyon Securities
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| Joint lead manager: | Banc of America Securities LLC
|
| Coupon: | 8¼%
|
| Price: | 102.00
|
| Yield: | 7.822%
|
| Spread: | 395 bps
|
| Call: | Make-whole call for first three years at 50 basis points over Bunds; then at 108.25, 104.125, 102.063 and finally at par
|
| Trade date: | July 7
|
| Settlement date: | July 13 with accrued interest
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A/Regulation S
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