Fage prices $250m tightly, leaps higher in secondary
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 ...