Pricing terms: CII Carbon $235 million bond

A unit of India's Rain Calcining sold $235 million in bonds last night. Details listed below. Full market reaction to follow.

Issuer: CII Carbon L.L.C.
Rating of the bond: B3/ CCC+/ B-
Format: 144A for life/ Reg-S
Size: $235 million senior subordinated notes
Tenor: Eight year non-call four
Yield: 11.125%
Price: 100
Guarantor: Rain Calcining LTD and Moonglow Company Business
Spread: 675bp over Treasuries
Call schedule: On November 15, 2011 callable at 105.563; on November 15, 2012 callable at 102.781, on November 15, 2013 and thereafter at 100.
Equity claw: 35% at 111.125% until November 15, 2015
Settlement date: November 6, 2007
Maturity date: November 15, 2015
Bond calls: Callable at 106 in 2010, 103 in November 2011
Number of investors: 90
Final book: $1.4 billion
Bookrunners: Citi

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