MMI re-opens high yield

MMI debut heralds return of high-yield bond market

MMI Holdings closes a $300 million debut high-yield bond, while Core Education & Technologies decides to postpone its deal.
<div style="text-align: left;">
MMI is one of the biggest makers of precision mechanical components, accounting for 20% of world disk drives shipped
</div>
<div style="text-align: left;"> MMI is one of the biggest makers of precision mechanical components, accounting for 20% of world disk drives shipped </div>

MMI International, a precision parts maker, made its debut on Friday with a $300 million high-yield bond, encouraging debt bankers to believe that the sub-investment grade market is open once again after months of inaction.

MMI, which was taken private in July 2007, is headquartered in Singapore and has more than 18 manufacturing facilities across China, Singapore, Thailand, Malaysia and the US. KKR owns 73% of the group and management owns the remaining 27%, making MMI one of the few sponsor-driven bond issuers in Asia.

The deal priced at a yield of 8% and pricing came at the tight end of the 8% to 8.25%...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222