Sun Sage makes high yield debut

Korean auto parts manufacturer completes unusual structured transaction.

Sun Sage BV, a Netherlands-based non-operating holding company established to hold shares in Mando Corp, issued a $200 million 144a transaction on Friday. The five non-call three year deal was led by Deutsche Bank, JPMorgan and joint-lead Lehman Brothers.

Backed by a BBa2 rating, the deal was priced at par with a coupon of 8.25% to yield 535bp over Treasuries. This represented the outer end of a pre-marketed range between 8% and 8.25%. Fees came...

To continue reading, please login or register for free

Click for more on: sun | sage | makes | high | yield | debut

Print Edition

FinanceAsia Print Edition