By Paul A. Harris
St. Louis, Jan. 20 - Voto-Votorantim Overseas Trading Operations III Ltd. sold $300 million of 10-year senior notes (B1B+) Friday at 99.489 with a 7 7/8% coupon to yield 7.95%, or 395 basis points over Treasuries, a market source said.
The notes, which mature Jan. 23, 2014, are non-callable.
ABN Amro and UBS Investment Bank ran the books on the Rule 144A/Regulation S issue, which has no registration rights.
Proceeds will be used to refinance short-term debt and for general corporate purposes.
The issuer is a São Paulo, Brazil-based conglomerate with operations in cement, pulp and paper, aluminum, zinc and nickel, chemicals, frozen concentrated orange juice, energy, and banking.
| Issuer: | Voto-Votorantim Overseas Trading Operations III Ltd.
|
| Amount: | $300 million
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| Maturity: | Jan. 23, 2014
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| Security description: | Senior notes
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| Bookrunners: | ABN Amro, UBS Investment Bank
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| Coupon: | 7 7/8%
|
| Price: | 99.489
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| Yield: | 7.95%
|
| Spread: | 395 basis points
|
| Calls: | Non-callable for the life of the bond
|
| Pricing date: | Jan. 16
|
| Settlement date: | Jan. 23
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
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