South Africa's Peermont Global to start roadshow Thursday for ZAR 5.866 billion two-part offer

By Paul A. Harris

St. Louis, April 11 -Peermont Global will begin a roadshow on Thursday for a ZAR 5.866 billion equivalent offering of euro- and South African rand-denominated notes, according to a market source.

The South African gaming firm said that the deal will be presented to accounts Thursday and Friday on the European continent, and Monday and Tuesday in London.

Citigroup is the bookrunner for the Rule 144A/Regulation S deal.

The offering is comprised of Peermont Global's ZAR 4.979 billion equivalent - about €520 million - tranche of euro-denominated seven-year senior secured notes (B3/B), which come with three years of call protection.

In addition, Peermont Global II (Pty) Ltd. plans to sell a ZAR 887 million tranche of non-rated eight-year senior PIK notes, which become callable after three years at 102, with the call premium declining to 101 in four years and to par in five years.

According to the market source, Peermont is considered an emerging markets issuer. However, the notes will be marketed to both emerging markets and high-yield accounts.

Proceeds will be used to fund the acquisition of Peermont by a consortium led by the Mineworker's Investment Co., a black economic empowerment company.

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