By Paul A. Harris
St. Louis, March 10 - Titan Petrochemicals Group Ltd. priced a $400 million issue of seven-year senior unsecured notes (B1/B+) at par to yield 8½%, according to an informed source.
Price talk was in the 8½% area.
Morgan Stanley ran the books for the Rule 144A/Regulation S issue. Credit Suisse First Boston was the co-manager.
Proceeds will be used to repay secured debt.
The issuer is a Hong Kong-based trader of petrochemicals and oil products.
| Issuer: | Titan Petrochemicals Group Ltd.
|
| Amount: | $400 million
|
| Maturity: | March 18, 2012
|
| Security description: | Senior unsecured notes
|
| Bookrunner: | Morgan Stanley
|
| Co-manager: | Credit Suisse First Boston
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| Spread: | 418 basis points
|
| Call protection: | Make-whole call at Treasuries plus 100 basis points
|
| Equity clawback: | 35%
|
| Trade date: | March 10
|
| Settlement date: | March 17
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Price talk: | 8½% area
|
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