By Paul A. Harris
Portland, Ore., June 7 - WireCo Worldgroup, Inc. priced a $150 million add-on to its 9½% senior notes due May 15, 2017 at 104.75 to yield 8.063% on Tuesday, according to market sources.
Goldman Sachs & Co. and Deutsche Bank Securities Inc. were the bookrunners for the quick-to-market deal.
Proceeds will be used to prepay a portion of the company's existing term loan and for general corporate purposes.
The original $275 million issue priced at 97.529 to yield 10% on May 14, 2010.
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: | $150 million
|
| Proceeds: | $157,125,000
|
| Maturity: | May 15, 2017
|
| Security description: | Add-on to 9½% senior notes
|
| Bookrunners: | Goldman Sachs & Co., Deutsche Bank Securities Inc.
|
| Coupon: | 9½% (25 bps coupon step-up resulting from issuer's failure to register the notes results in an actual coupon of 9¾%)
|
| Price: | 104.75
|
| Yield: | 8.063%
|
| Trade date: | June 7
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Quick to market
|
| Original issue: | $275 million priced at 97.529 to yield 10% on May 14, 2010
|
| Total issue size: | $425 million
|
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