By Paul A. Harris
Portland, Ore., May 13 - Styrolution Group GmbH priced a €480 million issue of five-year senior secured notes (B2/B+/) at par to yield 7 5/8% on Thursday, according to a market source.
The yield printed at the tight end of price talk, which had been set in the 7¾% area.
Barclays, Citigroup and HSBC were the underwriters.
Proceeds will be used to fund a contribution payment to BASF.
Styrolution is a Frankfurt-based styrenics company formed in January 2011 as a joint venture between BASF and Ineos AG.
| Issuer: | Styrolution Group GmbH
|
| Amount: | €480 million
|
| Maturity: | May 15, 2016
|
| Securities: | Senior secured notes
|
| Underwriters: | Barclays, Citigroup, HSBC
|
| Coupon: | 7 5/8%
|
| Price: | Par
|
| Yield: | 7 5/8%
|
| Call protection: | Two years
|
| Change-of-control put: | 101%
|
| Trade date: | May 12
|
| Settlement date: | May 18
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7¾% area
|
| Marketing: | Roadshow
|
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