By Paul A. Harris
St. Louis, July 1 - Aries Vermogensverwaltungs GmbH, a special purpose entity for securitizing the Russian Federation's Paris Club debt, priced three tranches of securities (Ba2/BB+) in a massively upsized transaction on Thursday, according to market sources.
The issuer sold €2 billion of floating-rate notes due Oct. 25, 2007 at par to yield six-month Euribor plus 325 basis points. Price talk was six-month Euribor plus 300 to 325 basis points.
Aries also sold €1 billion of 7¾% fixed-rate notes due Oct. 25, 2009 at par to yield 7.764%. Price talk was 7¾% to 8%.
In addition, Aries sold $2.4355 billion of 9.6% fixed-rate notes due Oct. 25, 2014 at par to yield 9.604%. The 9.6% area price talk had been revised from 9¾% to 10%.
Deutsche Bank Securities and Goldman Sachs & Co. ran the books for the Rule 144A/Regulation S issues.
The deal was upsized from the previously announced $250 million and €250 million.
| Issuer: | Aries Vermogensverwaltungs GmbH
|
| Bookrunners: | Deutsche Bank Securities, Goldman Sachs & Co.
|
| Pricing date: | July 1
|
| Settlement date: | July 14
|
| Ratings: | Ba2/BB+
|
|
|
| Euro-denominated floating-rate notes
|
| Amount: | €2 billion
|
| Maturity: | Oct. 25, 2007
|
| Coupon: | Six-month Euribor plus 325 basis points
|
| Price: | Par
|
| Yield: | Six-month Euribor plus 325 basis points
|
| Price talk: | Six-month Euribor plus 300-325 basis points
|
|
|
| Euro-denominated fixed-rate notes
|
| Amount: | €1 billion
|
| Maturity: | Oct. 25, 2009
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7.764%
|
| Spread: | 419.8 basis points
|
| Price talk: | 7¾%-8%
|
|
|
| Dollar-denominated fixed-rate notes
|
| Amount: | $2.4355 billion
|
| Maturity: | Oct. 25, 2014
|
| Coupon: | 9.6%
|
| Price: | Par
|
| Yield: | 9.604%
|
| Spread: | 449.6 basis points
|
| Price talk: | 9.6% area, revised from 9¾%-10%
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
