By Paul A. Harris
Portland, Ore., April 10 - Viasystems Group Inc. priced a $50 million add-on to its 7 7/8% senior secured notes due May 1, 2019 (B1/B+) at 107 to yield 5.903% on Thursday, according to market sources.
Wells Fargo Securities LLC and Stifel Nicolaus & Co. Inc. were the bookrunners for the quick-to-market deal that was driven by reverse inquiry.
The St. Louis-based company plans to use the proceeds for general corporate purposes, including to supplement its short-term cash on hand while it recovers from its insurer the losses related to a September 2012 fire in its Guangzhou manufacturing facility.
Viasystems is a provider of complex multilayer printed circuit boards, wire harnesses and electro-mechanical services.
| Issuer: | Viasystems, Inc.
|
| Face amount: | $50 million
|
| Proceeds: | $54 million
|
| Maturity: | May 1, 2019
|
| Security description: | Add-on to the 7 7/8% senior secured notes due May 1, 2019
|
| Bookrunners: | Wells Fargo Securities LLC, Stifel Nicolaus & Co. Inc.
|
| Coupon: | 7 7/8%
|
| Price: | 107
|
| Yield to worst: | 5.903%
|
| First call: | May 1, 2015 at 105.906
|
| Trade date: | April 10
|
| Settlement date: | April 15 with accrued interest
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Quick to market
|
| Original issue: | $550 million priced at par in April 2012
|
| Fungibility: | Add-on notes will be fungible with the original notes
|
| Total issue size: | $600 million
|
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