Chicago, Feb. 8 – WE Soda Investments Holding plc priced $500 million of 9 3/8% notes due 2031 (BB-/BB) at par on Wednesday, according to information from a market source.
Price talk was in the 9¾% area.
Call protection covers the first three years with a Treasuries plus 50 basis points make-whole premium, then the notes will be callable at par plus half the coupon, then one-quarter of the coupon and then simply par.
Goldman Sachs International (billing and delivery), BNP Paribas and J.P. Morgan Securities plc are joint global coordinators and joint bookrunners. Bank of China (Europe) SA, Deutsche Bank AG, Emirates NBD Capital, MUFG Securities EMEA plc and PNC Capital Markets LLC are also joint bookrunners.
The deal priced from an order book that was over $2.3 billion.
Proceeds are being used to refinance existing debt and to pay related fees and expenses.
The listing will be on the International Stock Exchange.
WE Soda is a London-based soda ash producer. The company’s parent is based in Turkey.
| Issuer: | WE Soda Investments Holding plc
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| Amount: | $500 million
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| Issue: | Senior secured notes
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| Maturity: | Feb. 14, 2031
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| Bookrunners: | Goldman Sachs International (billing and delivery), BNP Paribas, JPMorgan (joint global coordinators), Bank of China, Deutsche Bank, Emirates NBD Capital, MUFG and PNC Bank
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| Coupon: | 9 3/8%
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| Price: | Par
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| Yield: | 9 3/8%
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| Call features: | Make-whole call at Treasuries plus 50 bps for first three years; then par plus 50% of the coupon followed by par plus 25% of the coupon then par call
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| Equity clawback: | Yes
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| Trade date: | Feb. 7
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| Settlement date: | Feb. 14
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| Ratings: | S&P: BB-
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| Fitch: BB-
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 9¾% area
|
| Marketing: | Investor calls
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| ISIN: | US92943TAC71, USG95448AC32
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