An increased Eu500 million $442 million five-year deal was priced in London last night Wednesday, with over 60% of investors said to be new to the credit. Led by Deutsche Bank, Salomon Smith Barney and UBS Warburg, the deal was increased from an original target of Eu250 million, with pricing coming at 99.865% on a coupon of 9.375% to yield 9.41%. In spread terms, this equates to 525bp over Bunds and 500bp over euribor, the tight end of the final pre-marketed range.
JPMorgan and Morgan Stanley were co-managers, though were not allocated bonds.
A total of just over 100 investors participated in a book that closed at the Eu800 million level, with final...
