NEW YORK -(Dow Jones)- Pittsburgh Glass Works LLC, a maker of car windshields, priced a $325 million five-year bond offering Friday at par to yield 8.5%, according to a person familiar with the deal.
The sale was increased from a planned $300 million offering, and the senior secured notes were assigned speculative-grade credit ratings: B2 from Moody's Investors Service and B+ from Standard & Poor's.
The rate investors earn on the bonds, which mature April 15, 2016, is equivalent to a risk premium of 6.16 percentage points over comparable government debt.
The notes are noncallable by the issuer for the first two years, after which they can be bought for a premium of 104.25 cents per dollar of face value.
Credit Suisse, Bank of America Merrill Lynch and UBS led the sale.
Price guidance had been in the area of 8.5% to 8.75%, the person familiar said.
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