By Paul A. Harris
St. Louis, May 14 - WireCo Worldgroup, Inc. priced a $275 million issue of 9½% seven-year senior notes (B3/B/) at 97.529 to yield 10% on Friday, according to an informed source.
The yield printed on top of the price talk.
Goldman Sachs & Co. and J.P. Morgan Securities Inc. were the joint bookrunners.
HSBC Securities and Oppenheimer & Co. are the co-managers.
Proceeds will be used to redeem the company's 11% senior notes due 2015 and for general corporate purposes.
WireCo is a Kansas City, Mo.-based manufacturer of high-quality wire rope, synthetic rope, electromechanical cable and highly engineered cable structure.
| Issuer: | WireCo Worldgroup, Inc.
|
| Face amount: | $275 million
|
| Proceeds: | $268,205,000 (approximate)
|
| Maturity: | May 15, 2017
|
| Securities: | Senior notes
|
| Bookrunners: | Goldman Sachs & Co., J.P. Morgan Securities Inc.
|
| Co-managers: | HSBC Securities, Oppenheimer & Co.
|
| Coupon: | 9½%
|
| Price: | 97.529
|
| Yield: | 10%
|
| Spread: | 718 bps
|
| Call protection: | Three years
|
| Trade date: | May 14
|
| Settlement date: | May 19
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 10% area
|
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