By Reshmi Basu
New York, July 26 - Stirol priced $125 million of three-year notes (B3//B) at par with a 7 7/8% coupon to yield 7.873%, according to a market source.
The deal came in line with price guidance that was in the 7 7/8% area.
The loan participation notes are structured as a bullet and carry a long first coupon.
Dutch special purpose vehicle UkrChem Capital BV issued the notes. Moscow Narodny Bank Ltd. will lend the notes to Stirol.
ING was the bookrunner for the Regulation S transaction.
Stirol is an ammonia producer based in Golovka in the Donetsk region in the Ukraine.
| Issuer: | UkrChem Capital BV (Dutch SPV)
|
| Borrower: | Stirol
|
| Lender: | Moscow Narodny Bank Ltd.
|
| Amount: | $125 million
|
| Issue: | Loan participation notes
|
| Maturity: | Aug. 19, 2009
|
| Coupon: | 7 7/8%
|
| Issue price: | Par
|
| Yield: | 7.873%
|
| Spread: | Treasuries plus 389 basis points
|
| Pricing date: | July 26
|
| Settlement date: | Aug. 4
|
| Bookrunner: | ING
|
| Ratings: | Moody's: B3
|
| Fitch: B
|
| Price guidance: | 7 7/8%
|
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