By Paul A. Harris
St. Louis, March 19 - Standard Commercial Corp. sold $150 million of eight-year senior notes (Ba3/BB+) at par Friday to yield 8%, according to market sources.
Price talk was for a yield of 7¾%-8%.
Deutsche Bank Securities and ING ran the books on the Rule 144A issue.
Proceeds will be used to redeem the company's 8 7/8% senior notes due 2005 and its 7¼% convertible subordinated debentures due 2007 and to repay bank debt.
Standard Commercial is a Wilson, N.C. independent leaf tobacco dealer.
| Issuer: | Standard Commercial Corp.
|
| Amount: | $150 million
|
| Maturity: | April 15, 2012
|
| Security description: | Senior notes
|
| Bookrunners: | Deutsche Bank Securities, ING
|
| Coupon: | 8%
|
| Price: | Par
|
| Yield: | 8%
|
| Spread: | 464 basis points
|
| Call protection: | Four years
|
| Pricing date: | March 19 |
|
| Settlement date: | April 2
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB+
|
| Price talk: | 7¾%-8%
|
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