By Paul A. Harris
St. Louis, April 5 - Vac Finanzierungs GmbH, a financing unit of German advanced magnetic materials manufacturer Vacuumschmelze GmbH & Co. KG, priced a €130 million issue of 9¼% senior secured notes (B3/CCC+) at par on Wednesday, according to a market source.
The yield came at the tight end of the 9¼% to 9½% price talk.
Citigroup ran the books for the Rule 144A and Regulation S issue.
The company is based in Hanau, Germany.
| Issuer: | Vac Finanzierungs GmbH (Vacuumschmelze GmbH & Co. KG)
|
| Amount: | €130 million
|
| Maturity: | April 15, 2016
|
| Security description: | Senior secured notes
|
| Bookrunner: | Citigroup
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
| Spread: | 544 bps
|
| Call protection: | Five years
|
| Trade date: | April 5
|
| Settlement date: | April 12
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 9¼%-9½%
|
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