By Paul A. Harris
St. Louis, April 13 - Mexican freight railroad company Grupo Transportación Ferroviaria Mexicana SA de CV (TFM) priced a restructured $460 million issue of seven-year senior notes (B2/B+) at par to yield 9 3/8%, according to an informed source.
Price talk was 9¼% to 9½%.
Morgan Stanley ran the books for the Rule 144A with registration rights notes. Scotia Capital was the co-manager.
Proceeds will be used to refinance the company's 11¾% senior discount debentures due in 2009.
TFM dropped a proposed tranche of 10-year senior notes from its offering.
Grupo TFM has headquarters in Colonia Parques del Pedregal, México.
| Issuer: | Grupo Transportación Ferroviaria Mexicana SA de CV (TFM)
|
| Amount: | $460 million
|
| Maturity: | May 1, 2012
|
| Security description: | Senior notes
|
| Bookrunner: | Morgan Stanley
|
| Co-manager: | Scotia Capital
|
| Coupon: | 9 3/8%
|
| Price: | Par
|
| Yield: | 9 3/8%
|
| Spread: | 520 basis points
|
| Call features: | Callable after May 1, 2009 at 104.688, 102.344, par on and after May 1, 2011
|
| Equity clawback: | Until May 1, 2008 for up to 35% at 109.375
|
| Trade date: | April 13
|
| Settlement date: | April 19
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B+
|
| Price talk: | 9¼%-9½%
|
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