Citigroup (NYSE:C), JP Morgan (NYSE:JPM), Credit Suisse (NYSE:CS) and Goldman Sachs (NYSE:GS) were joint bookrunners for an offering of senior secured second lien notes, which sold $350 million for Texas Competitive Electric Holdings.
The original amount targeted to be raised was $300 million.
The bonds were offered in the 144a private placement market, which carry a coupon rate of 15 percent. The notes will mature on April 1, 2021.
Showing posts with label Senior Secured Notes. Show all posts
Showing posts with label Senior Secured Notes. Show all posts
Monday, October 18, 2010
Thursday, September 16, 2010
Citigroup (NYSE:C), JPMorgan (NYSE:JPM), Bank of America (NYSE:BAC) Bookrunners on Corn Products (NYSE:CPO) Senior Notes
Citigroup Global Markets Inc. (NYSE:C), J.P. Morgan Securities LLC (NYSE:JPM) and Banc of America Securities LLC (NYSE:BAC) were joint bookrunners on the issuance of $900 million in senior notes by Corn Products International (NYSE:CPO).
Included in the issuance are $350 million in 3.2 percent notes due November 1, 2015; $400 million in 4.625 percent notes due November 1, 2020;, and $150 million in 6.625 percent notes due April 15, 2037.
Most of the offering will be used to raise capital to acquire National Starch. The deal is expected to close on September 17.
Fitch Ratings assigned a "BBB" to the $900 million senior note issuance of Corn Products, as well as to the bank credit facility, long-term Issuer Default Rating and senior unsecured debt ratings of the company.
Fitch maintained a stable outlook on Corn Products.
Included in the issuance are $350 million in 3.2 percent notes due November 1, 2015; $400 million in 4.625 percent notes due November 1, 2020;, and $150 million in 6.625 percent notes due April 15, 2037.
Most of the offering will be used to raise capital to acquire National Starch. The deal is expected to close on September 17.
Fitch Ratings assigned a "BBB" to the $900 million senior note issuance of Corn Products, as well as to the bank credit facility, long-term Issuer Default Rating and senior unsecured debt ratings of the company.
Fitch maintained a stable outlook on Corn Products.
Thursday, September 9, 2010
Teck Resources (NYSE:TCK) to Buy Back $1 Billion of Notes by Issuing New Debt
With a goal of buying back up to $1 billion of notes, Teck Resources (NYSE:TCK) said they're going to offer as high as $700 million in senior unsecured notes on the market.
The notes to be acquired are outstanding senior secured notes due 2019.
To raise the capital to buy back the notes they're going to offer to sell up to $700 million of senior unsecured notes due 2021 and 2040.
An underwritten public offering in the U.S. will be initiated where the new senior unsecured notes will be sold.
The expiration of the tender offer to buy back the outstanding senior secured notes will be October 5, unless it is terminated earlier or extended to a later date.
The notes to be acquired are outstanding senior secured notes due 2019.
To raise the capital to buy back the notes they're going to offer to sell up to $700 million of senior unsecured notes due 2021 and 2040.
An underwritten public offering in the U.S. will be initiated where the new senior unsecured notes will be sold.
The expiration of the tender offer to buy back the outstanding senior secured notes will be October 5, unless it is terminated earlier or extended to a later date.
Tuesday, August 17, 2010
Teck (NYSE:TCK) Closes $750 Million Note Offerings
The announced note offerings of Tech Resources Limited (NYSE:TCK), which in the case of one offering was $300 million aggregate principal amount of 3.85% notes due 2017, and the other offering 450 million aggregate principal amount of 6.00% notes due 2040, has been closed today.
In a press release the company stated, "As a consequence of the closing of the notes offering, Teck expects to promptly accept for purchase 45.63%, or approximately US$434.6 million aggregate principal amount, of its 9.75% senior secured notes due 2014 that were tendered at or prior to the early tender date for its concurrent tender offer for its 9.75% senior secured notes due 2014 and 10.25% senior secured notes due 2016, which commenced on August 3, 2010."
Teck was up to $34.75, gaining $2.39, or 7.39 percent, at 3:46 PM EDT Tuesday.
In a press release the company stated, "As a consequence of the closing of the notes offering, Teck expects to promptly accept for purchase 45.63%, or approximately US$434.6 million aggregate principal amount, of its 9.75% senior secured notes due 2014 that were tendered at or prior to the early tender date for its concurrent tender offer for its 9.75% senior secured notes due 2014 and 10.25% senior secured notes due 2016, which commenced on August 3, 2010."
Teck was up to $34.75, gaining $2.39, or 7.39 percent, at 3:46 PM EDT Tuesday.
Tuesday, August 10, 2010
Teck (NYSE:TCK) Increases Buyback to $800 Million
Last week Teck Resources (NYSE:TCK) (TSE:TCK-B) announced they were going to buy back $600 million in senior secured notes, along with $750 million in senior unsecured notes.
They've added to the first of the two, increasing the amount they want to buy back their senior secured notes to $800 million, a $200 million increase. These notes are due in 2014 and 2016.
Assuming the $800 million buyback is achieved, that would give Teck an accounting charge of about $240 million, before taxes, in the third quarter of 2010.
The buyback is a strategy by Teck to lower costs and expenses by reducing the amount of interest they must pay yearly over the short term.
They've added to the first of the two, increasing the amount they want to buy back their senior secured notes to $800 million, a $200 million increase. These notes are due in 2014 and 2016.
Assuming the $800 million buyback is achieved, that would give Teck an accounting charge of about $240 million, before taxes, in the third quarter of 2010.
The buyback is a strategy by Teck to lower costs and expenses by reducing the amount of interest they must pay yearly over the short term.
Tuesday, August 3, 2010
Teck Resources (NYSE:TCK) Buying Back $600 Million in Notes, Issuing $750 Million in Debt
Teck Resources (NYSE:TCK) is offering to acquire a total of $600 million of its senior secured notes, which are due 2014, with 9.75 percent interest. Part of the $600 million deal would also include 10.25 percent senior secured notes due in 2016.
Also, according to Teck, they are about to offer $750 in senior secured notes which would be due in 2017 and 2040. These notes would be part of a two-part debt offering. These notes could be offered as early as today.
The notes will be guaranteed by Teck Metals LTD. and include a rank pari passu with other senior debt of Teck.
Funding to repurchase the Notes in the Tender Offer from capital raised from the new senior senior secured notes offered.
Also, according to Teck, they are about to offer $750 in senior secured notes which would be due in 2017 and 2040. These notes would be part of a two-part debt offering. These notes could be offered as early as today.
The notes will be guaranteed by Teck Metals LTD. and include a rank pari passu with other senior debt of Teck.
Funding to repurchase the Notes in the Tender Offer from capital raised from the new senior senior secured notes offered.
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