| A bond is a legal contract in which a government, company or institution (the borrower) issues an IOU certificate, which promises to pay holders a specific rate of interest for a fixed duration and then redeem the contract at face value on maturity. |
Ardagh Glass
Date launched: 07/03
Volume: €175 million
Maturity: 2013
Coupon: 87/8%
Co Manager Davy Stockbrokers
Joint book runners: BNP Paribas, Citigroup
Legal Adviser: William Fry
Description: Fund raising
CRH
Date closed: 09/03
Volume: $700 million, $300 million
Maturity: 2013-2033
Coupon: 5.3%, 6.4%
Arranger: JP Morgan, Bank of America, Citigroup
Co-manager: Davy Stockbrokers, Barclays Bank
Legal Adviser to CRH: Arthur Cox
Description: CRH America, the wholly owned subsidiary of CRH, completed its second global bond offering. It will be used to partly finance CRH’s €646 million acquisition of Cementbouw Handel & Industrie. The $1 billion drawdown was under CRH’s $2 billion shelf registration.
Eircom (High Yield Bond)
Date launched: 08/03
Volume: €1.1 billion
Maturity: 2013
Arrangers: Deutsche Bank,Barclays Capital, Citigroup, Morgan Stanley, Goldman Sachs
Co-Manager: Davy Stockbrokers
Legal adviser: A&L Goodbody (eircom) Debevoise & Plimpton (US adviser to eircom) Simpson Thatcher Bartlett (US adviser to underwriters)
Description: €550 m in senior notes, €285 m and $250 m in senior subordinated notes.
Elan plc
Date closed: 11/03
Volume: $250 million convertible notes $35 million ordinary shares
Maturity: 2008
Arranger: Morgan Stanley
Legal Adviser to arranger: Arthur Cox
Description: The deal involved the issue of a convertible bond by Elan Capital Corp, a US subsidiary of Elan Corporation. A further issue of ordinary shares was made. The convertibles were listed on the London and Irish Stock Exchanges.
Independent News and Media plc
Date launched: 21/11/03
Date closed: 10/12/03
Volume: €124 million
Maturity: 5/12/08
Coupon: 8%
Sole lead manger/sole book runner: Davy Stockbrokers
Senior co-manager: NCB Stockbrokers
Legal Adviser: McCann FitzGerald, William Fry,
Description: Independent News & Media became more geared since the acquisition of the Belfast Telegraph in 2000 and launched a recapitalisation programme in 2001, which has since consisted of equity placings, a rights issue, non-core asset disposals and refinancing activities, the latest of which is this 5 year €125m bond issue. The book reached €165m with 34 investors from seven different European countries. Investors from the UK, France and Germany took up two-thirds of the bond.
Waterford Wedgewood plc
(High Yield Bond)
Date launched: 11/03
Date closed: 12/03
Volume: €165 million
Maturity: 1/12/10
Coupon: 97/8%
Issue price: 99.381
Arranger: Barclays Capital
Co-Manger: Davy Stockbrokers
Legal Adviser to Waterford Wedgewood: William Fry
Legal advisor to arranger: Arthur Cox
Description: This transaction was a €165 million issue of mezzanine secured notes. The bond issues at 99.381% was oversubscribed. It is expected that Waterford Wedgewood will use the funds to pay down its net debt which in September 2003 stood at €429.9 million. |
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| Article appeared in the February 2004 issue.
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