London, England, Apr. 26--U.S. fiber manufacturer Invista priced a larger than expected $675 million high-yield bond on Friday, dropping a planned euro-denominated tranche, a banking source said on Monday.
Invista priced the bonds, which mature in 2012, at par to give a yield of 9.25 percent, the source said. The deal was planned as a euro- and dollar-denominated deal worth $575 million.
The euro tranche was dropped for technical reasons because of the inability to settle the notes through European clearing systems, the source said.
Proceeds from the bond sale will be used to fund Invista's acquisition by Koch Industries Inc.
U.S. chemicals maker DuPont Co. agreed to sell Invista to KED Fiber Ltd and KED Fibre LLC, both subsidiaries of Koch Industries, for $4.2 billion.
Wilmington, Delaware-based Invista manufactures brands including Lycra, Teflon and Stainmaster.
