WE Soda sets yield for oversubscribed $750 million five-year notes at 9˝%; pricing Thursday

By Paul A. Harris

Portland, Ore., Sept. 28 – WE Soda Investments Holding plc set a 9˝% yield on $750 million of five-year senior secured notes (B+/BB-), according to a market source.

The yield comes on top of initial talk in the mid-9% area.

The deal, which is playing to approximately $1.4 billion of demand, is set to price on Thursday, the source said.

The notes become subject to a first call after two years at par plus 50% of the coupon.

BNP Paribas, Goldman Sachs International and JPMorgan are joint global coordinators and joint bookrunners for the Rule 144A and Regulation S offering.

Deutsche Bank AG, London Branch, Emirates NBD Capital, MUFG Securities EMEA plc, PNC Capital Markets LLC and Bank of China (Europe) SA are also joint bookrunners.

JPMorgan will bill and deliver.

Proceeds from the notes will be used to repay debt.

WE Soda is the world’s largest producer of natural soda ash. The company is based in London, and the company’s parent company West End Soda is based in Turkey.

© 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.