By Reshmi Basu
New York, Dec. 1 - Adaro Finance BV sold an upsized $400 million offering of five-year bonds at 99.005 with an 8½% coupon to yield 8¾%, according to a market source.
The issue, increased from $300 million, priced at the tight end of price guidance. Guidance was set at 8¾% to 9% for the offering of senior secured bonds.
Goldman Sachs and JP Morgan were joint lead managers for the Rule 144A/Regulation S transaction.
Proceeds from the sale along with $250 million in senior secured bank debt will be used to refinance existing secured bank debt and to repay a portion of the mezzanine financing.
The issuer is a Dutch financing subsidiary of Indonesian coal mining company PT Adaro.
PT Adaro Indonesia and PT Indonesia Bulk Terminal will guarantee the bonds.
| Issuer: | Adaro Finance BV
|
| Amount: | $400 million (increased from $300 million)
|
| Issue: | Senior secured bonds
|
| Maturity: | Dec. 8, 2010
|
| Coupon: | 8½%
|
| Issue price: | 99.005
|
| Yield: | 8¾%
|
| Pricing date: | Dec. 1
|
| Settlement date: | Dec. 8
|
| Joint lead managers: | Goldman Sachs, JP Morgan
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: B+
|
| Price guidance: | 8¾% to 9%
|
|
|
© 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.
