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by Stephen Carter
Sep 28, 2023 10:16 AM ET
EM/HY: WE Soda Investments Holding Plc (WESODA) US$800m (up from US$750m) 144A/Reg S sr sec notes due 10/06/28 (5y). NC2 (MWC T+50bp) (50%,25%,par). Equity claw. NR/B+/BB- (--/negative/stable). Via BNP/GS/JPM (B&D) jt glocos/DB/Emirates NBD Capital/MUFG/EMEA plc/PNC/BOC jt books. No reg rights. List ISE. NY law. Pays semi (30/360). Settles 10/06 (T+6). Reg S ISIN: USG95448AA75. IPT: mid 9% area. Yield set: 9.50%.
Final terms: $800m at 9.50% yield.
Investor calls started 09/25 (global investor call at 11.30 AM NY / 4.30 PM UK 09/25). Books went subject at 2:45pm UKT / 9:45am NYT today. Pricing today. Final orderbook over $1.4bn (incl $45m JLM interest). Run off the EM desk in London. UOP: repay debt. Biz: the world's largest producer of natural soda ash with one of the lowest cash costs of production globally (operations are in Turkey, but it exports globally). HQ: London, UK.