By Christine Van Dusen
Atlanta, Sept. 23 – Fiji priced $200 million 6 5/8% five-year notes (expected ratings: B1/B+) at 98.957 to yield 6 7/8% on Wednesday, a market source said.
ANZ was the bookrunner for the Regulation S deal.
The proceeds will be used for refinancing debt and for general development funding.
The issuance followed Fiji's early closure of a tender offer for its $250 million of 9% notes due 2016.
Holders had tendered $243.15 million, or 97.26%, of the notes as of 5 a.m. ET on Sept. 22, according to a news release.
All of the tendered notes have been accepted for purchase. The settlement date is expected to be Oct. 2.
The republic offered par for the notes.
| Issuer: | Fiji
|
| Amount: | $200 million
|
| Maturity: | Oct. 2, 2020
|
| Description: | Senior notes
|
| Bookrunner: | ANZ
|
| Coupon: | 6 5/8%
|
| Price: | 98.957
|
| Yield: | 6 7/8%
|
| Trade date: | Sept. 22
|
| Expected ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Regulation S
|
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