Lead managers ING and Salomon Smith Barney successfully priced a $125 million Reg S bond for Universal Robina Corporation URC yesterday Monday.
The five-year deal was priced at par with a 9% coupon to yield 618bp over Treasuries. At this level it represented a 100bp premium to the Republic of the Philippine's 8.875% April 2008 bond, or 118bp over the interpolated curve. Both these levels are consistent with historical precedent and the company's parent JG Summit priced a similarly sized $100 million offering almost a year to the day at a 128bp premium to the sovereign curve.
URC's final deal size was slightly smaller than anticipated since it had...
