New Issue: Seminis $190 million 10-year notes yield 10¼%

By Paul A. Harris

St. Louis, Sept. 22 - Semins Vegetable Seeds Inc. priced $190 million of senior subordinated notes due Oct. 1, 2013 (B3/B-) at par Monday to yield 10¼%, according to a syndicate source.

Price talk was for a yield in the 10½% area.

Citigroup and CIBC World Markets were bookrunners on the Rule 144A deal. Harris Nesbitt and Rabo Securities were co-managers.

Proceeds will be used to fund Fox Paine's acquisition of Seminis from Savia, SA de CV.

The company is an Oxnard, Calif.-based fruit and vegetable producer.

Issuer:	Seminis Vegetable Seeds Inc.
Amount:	$190 million
Maturity:	Oct. 1, 2013
Security description:	Senior subordinated notes
Bookrunners:	Citigroup, CIBC World Markets
Co-managers:	Harris Nestbitt, Rabo Securities
Coupon:	10¼%
Price:	Par
Yield:	10¼%
Spread:	601 basis points
Call features:	Callable after Oct. 1, 2008 at 105.125, then 103.417, 101.708, declining to par on Oct. 1, 2011 and thereafter
Equity clawback:	Until Oct. 1, 2006 for 35% at 110.25
Settlement date:	Sept. 29
Ratings:	Moody's: B3
	Standard & Poor's: B-
Rule 144A Cusip:	816661AA0
Price talk:	10½% area

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