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Home Sources Business & Entrepreneurs

FESCO announces pricing of additional $75 million dual-tranche senior secured notes

by PressCenter.com
July 4, 2013
in Business & Entrepreneurs, Business & Entrepreneurship, Categories, Sources
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The placement consists of U.S.$50,000,000 8.00% New Senior Secured Notes due 2018 (the «New 2018 Notes»), to be consolidated and form a single series with the U.S.$500,000,000 8.00% Existing Senior Secured Notes due 2 May 2018 (the «Existing 2018 Notes»), and U.S.$25,000,000 8.75% New Senior Secured Notes due 2020 (the «New 2020 Notes») to be consolidated and form a single series with the U.S.$300,000,000 8.75% Existing Senior Secured Notes due 2 May 2020 (the «Existing 2020 Notes»). The Existing 2018 Notes and the Existing 2020 Notes were issued on 2 May 2013.

The New 2018 Notes have a yield to maturity of 7.659% and were priced at 101.375% plus accrued interest of U.S.$211,111 in respect of the period from, and including, 2 May 2013 to, but excluding, 21 May 2013. The New 2020 Notes have a yield to maturity of 8.209% and were priced at 102.500% plus accrued interest of U.S.$115,452 in respect of the period from, and including, 2 May 2013 to, but excluding, 21 May 2013.

The notes will be guaranteed on a senior secured basis by certain subsidiaries and parent companies of FESCO. Net proceeds will be used to repay outstanding debt of the Group and debt incurred in connection with the acquisition of FESCO in December 2012.

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