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Poland's Ciech prices notes (debt repay) at par to yield 9.5%

Ciech today placed €245 million of seven-year (non-call three) secured notes via Credit Suisse (B&D) and Barclays. The bonds came at 9.5%, the tight end of 9.5-9.75% guidance. The bonds were also upsized by €20 million, from an originally intended €225 million. Proceeds from the notes – along with proceeds from a local-currency bond issue due 2015 – will be used to repay in full the company’s PLN759.3 million (€184 million) senior credit facilities, its PLN300 million (€73 million) notes due Dec 2012, and a €63 million credit facility provided by Commerzbank and KfW. Ciech becomes the second issuer from Poland to tap the international high-yield market this year, the other being Polkomtel, and only the seventh Polish borrower since LCD began tracking European high-yield in 2006. Terms:

 

Issuer Ciech Group Financing
Ratings B/B2
Amount €245 million
Issue Secured notes
Coupon 9.5%
Price 100
Yield 9.5%
Spread B+858
Floating eq. E+820
Maturity Nov. 30, 2019
Call nc3
Trade Nov. 21, 1012
Settle Nov. 28, 2012 (T+5)
Books CS (B&D), Barclays
Px talk 9.5-9.75%
Notes Upsized by €20M