Sun Sage makes high yield debut

Korean auto parts manufacturer completes unusual structured transaction.

Sun Sage BV, a Netherlands-based non-operating holding company established to hold shares in Mando Corp, issued a $200 million 144a transaction on Friday. The five non-call three year deal was led by Deutsche Bank, JPMorgan and joint-lead Lehman Brothers.

Backed by a BBa2 rating, the deal was priced at par with a coupon of 8.25% to yield 535bp over Treasuries. This represented the outer end of a pre-marketed range between 8% and 8.25%. Fees came to 1.625%.

Many investors are said to have viewed the deal as a cheap, leveraged play on Hyundai Motors and Kia Motor, from whom the group derived75% of its sales in 2003. Hyundai,...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222