Fage prices $250m tightly, leaps higher in secondary

13 Dec 2012

Fage, the Greek yoghurt maker, sold its $250m tap of its 9.875% high yield bonds on Wednesday. The notes were priced at 101, in line with tightened guidance, to yield 9.618%. The notes were trading 5.5 percentage points higher by Thursday afternoon.

Bookrunner Citigroup tightened guidance from the 100-100.5 area announced on Monday afternoon to 101 on Tuesday afternoon.

The family-owned Greek company, which restructured its business operations in October to distance itself from Greek risk, issued the notes through its US vehicle, Fage USA Dairy Industry.

Alongside the ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial