Educational software firm Riverdeep Group priced a larger-than-expected €225m high-yield bond yesterday.
The bond, due April 15, 2011, was priced at par to yield 9.25%, in line with previous price talk. The bond, earlier expected to total €205m, is part of a debt restructuring plan by the company. The additional cash will be used for general corporate purposes.
CSFB was leading the deal, with Royal Bank of Scotland and Davy Stockbrokers as co-leads.
Earlier this month, Riverdeep said it would also raise around $75 million through a senior loan as part of a debt restructuring plan. Last April, Riverdeep was bought out by its management in a deal valuing the company at $376m. Hertal Acquisitions, a consortium led by Riverdeep chief executive Barry O'Callaghan, now owns the company.
