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Article: Chemring to Circle-Up After Rounds in Rumor Mill.
- Article from:
- Private Placement Letter
- Article date:
- October 22, 2007
- Author:
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Merrill Lynch was on the brink of pricing its private placement for U.K.-based defense systems manufacturer Chemring Group plc as of press time last week. The transaction, which launched in late September, was the subject of speculation by market participants because a brief delay involving the deal's documentation and a fire at one of the company's manufacturing plants.
As of press time, price talk on the deal-which was launched at $150 million-was in the 175 basis points to 185 basis points over Treasurys range for a 10-year bullet. The deal was expected to price last Friday.
The pricing of the deal was pushed back anywhere from a few days to one week ...