New Issue: BSN Glasspack €160 million six-year notes yield 9¼%

By Paul A. Harris

St. Louis, August 1 - BSN Glasspack Obligation priced €160 million of senior subordinated second lien notes due Aug. 1, 2009 (B1/B-) at par on July 29 to yield 9¼%, according to syndicate sources.

Price talk was for a yield of 9¼%-9 3/8%.

Citigroup and BNP Paribas were joint bookrunners on the Rule 144A/Regulation S (with no registration rights) offering.

Proceeds will be used to repay bank debt and fund part of the company's tender offer.

The issuer is a Paris, France-based manufacturer of glass bottles for wines, beers, spirits and non-alcoholic beverages.

Issuer:	BSN Glasspack Obligation
Amount:	€160 million
Maturity:	Aug. 1, 2009
Security description:	Senior subordinated second lien notes
Bookrunners:	Citigroup, BNP Paribas
Coupon:	9¼%
Price:	Par
Yield:	9¼%
Spread:	573 basis points
Call features:	Callable on Aug. 1, 2006 at 104.625, then 102.313, declining to par on Aug. 1, 2008 and thereafter
Settlement date:	Aug. 5, 2003 (T+5)
Ratings:	Moody's: B1
	Standard & Poor's: B-
Price talk:	9¼%-9 3/8%

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