First Pac completes high yield bond

UBS completed a slightly scaled back $115 million three-year deal for Hong Kong based conglomerate First Pacific yesterday (Wednesday). The Reg S transaction in the name of CAB Holdings was priced at 99.35% on a coupon of 8.25% and yield of 8.5% to give a spread of 649bp over Treasuries. On a Libor basis, the deal came out at 608bp, representing a roughly 150bp premium to First Pac's operating company Indofood, whose 10.375% June 2007 bond was trading at 452bp at the time of pricing.