By Paul A. Harris
New York, Feb. 24 - Kazakhstan's CenterCredit International BV sold a $100 million offering of tier 1 perpetual notes (Ba3) at par to yield 9 1/8%, according to a market source.
The deal came inside of price guidance that was in the 9½% area.
The notes come with 10 years of call protection and will float at 150% of the launch spread or three-month Libor plus 602 basis points.
ING was the bookrunner for the Regulation S transaction.
The issuing entity is a subsidiary of JSC Bank CenterCredit, the fifth-largest commercial bank in Kazakhstan.
On Jan. 27, Bank CenterCredit International BV priced a $300 million issue of 8% senior unsecured notes due Feb. 2, 2011 (Ba1//BB-) at 99.495 to yield 8¼%.
| Issuer: | CenterCredit International BV
|
| Amount: | $100 million
|
| Issue: | Tier 1 loan participation notes
|
| Maturity: | Perpetual
|
| Coupon: | 9 1/8%
|
| Issue price: | Par
|
| Yield: | 9 1/8%
|
| Spread: | 455 basis points more than Treasuries
|
| Call option: | Callable at par on March 3, 2016
|
| Pricing date: | Feb. 22
|
| Settlement date: | March 3
|
| Bookrunner: | ING
|
| Rating: | Moody's: Ba3
|
| Price guidance: | 9½% area
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
