By Reshmi Basu
New York, Nov. 30 - Gruma SA de CV priced an upsized $300 million issue of senior perpetual bonds (/BBB-BBB-) at par to yield 7¾%, according to a market source.
The bonds, increased from $250 million, came at the tighter end of price guidance of 7¾% to 8%.
The bonds are non-callable for five years and thereafter at par with no step-up.
Merrill Lynch ran the books for the Rule 144A/Regulation S offering.
Gruma, based in Monterrey, Mexico, is involved in the production, marketing, distribution, and sale of corn flour, packaged tortillas, and wheat flour.
| Issuer: | Gruma SA de CV
|
| Amount: | $300 million
|
| Issue: | Senior perpetual bonds
|
| Coupon: | 7¾%
|
| Issue price: | Par
|
| Yield: | 7¾%
|
| Call option: | Non-callable for five years and thereafter at par
|
| Pricing date: | Nov. 30
|
| Settlement date: | Dec. 3
|
| Bookrunner: | Merrill Lynch
|
| Ratings: | Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Price guidance: | 7¾% to 8%
|
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