A $300 million 10 year offering for the Baa2BBB-rated credit was priced last night in New York Thursday and upsized slightly from $250 million to take into account a $500 million order book.
Led by joint leads Deutsche Bank and Merrill Lynch, the offering came at 99.068 with a semi-annual coupon of 8% to yield 8.138%, or 262.5bp over Treasuries. Sold in euro 144a format with fees totalling 40bp, the deal also numbered four co-managers - ABN AMRO, Chase, Nomura and Salomon Smith Barney.
Bankers described the deal as well executed in trying market conditions. Events in Argentina and Turkey continue to overhang the emerging markets sector, while falling...
