The noodle manufacturer underlined investors' continuing preference for high yield deals by the right Asian names yesterday Tuesday with an increase to its five-year bullet issue. With Credit Suisse First Boston as lead manager, the issue size was upsized from $200 million to $280 million, in the process mitigating any lingering concerns about 2002 re-financing risk and moving the company's debt maturity profile from short to long-term.
The Reg S deal was priced towards the tight end of its 10.5% to 11% indicative range. Terms were finalised on an issue price of 99.05% and coupon of 10.375% to yield 10.625%, or 630bp over five-year Treasuries. ING Barings was co-manager.
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