By Paul A. Harris
St. Louis, Dec. 12 - CFG Investment SAC, in conjunction with China Fishery Group Ltd., priced an upsized $225 million issue of seven-year senior notes (B1/B+) at par to yield 9¼%, a market source told Prospect News on Tuesday.
The yield came at the tight end of the 9 3/8% area price talk.
HSBC ran the books for the Rule 144A and Regulation S issue of notes, which was upsized from $200 million.
Proceeds will be used to refinance debt related to the acquisition of Alexandra SAC in Peru, to repay other loans, for general corporate purposes and to fund potential strategic investments.
The issuer is a Hong Kong-based company that manages and operates fishing vessels for coastal and deep sea industrial fishing.
| Issuer: | CFG Investment SAC/China Fishery Group Ltd.
|
| Amount: | $225 million (increased from $200 million)
|
| Maturity: | Dec. 19, 2013
|
| Security description: | Senior notes
|
| Bookrunner: | HSBC
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
| Spread: | 476.3 bps
|
| First call: | Dec. 19, 2010
|
| Trade date: | Dec. 12
|
| Settlement date: | Dec. 19
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | 9 3/8% area
|
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