G-Steel forges high-yield debut

G-Steel manages to prices rare high-yield dollar bond after downsizing issue size.

Following a slight delay to allow investors extra time to conduct due diligence, sole book runner UBS priced a downsized five-year callable bond for debutant G-Steel of Thailand in New York on Monday September 26. The final issue size for the B1B rated, Reg-S bond was set at $100 million compared to initial estimates around the $150 million level.

The notes were priced at 98.116% with a coupon of 10.5% to yield at 11%, equivalent to about 688bp over US Treasuries. The deal had been shopped to investors with a coupon of 11%.

The notes are callable at 105.25% in 2008 and 102.625% in 2009....

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