British engineer Invensys will add 65 million euros to its outstanding senior notes due 2011 on Monday in order to help fund a buyback of some of its shorter term debt, a banker familiar with the sale said. The bond pays a coupon of 9.875 percent and the tap will be priced at between 108.5 and 109 percent of face value, the banker said, adding that would give a yield of between 7.83 and 7.71 percent.
Invensys earlier announced an offer to buy the remainder of its 5.5 percent notes due 2005 and its 7.125 percent notes due 2007 - a total of around $157 million of paper.
Books for the deal close on Monday afternoon London time, and pricing is expected later in the day. Deutsche Bank are managing the transaction.
Comments
Comments are closed.