Saur €265 million 10-year notes talked 8 1/8%-8 3/8%, to price Friday

By Paul A. Harris

St. Louis, April 14 - Saur Group SA's €265 million offering of 10-year senior notes (B1/B+) is talked to yield 8 1/8% to 8 3/8%, according to a market source.

Pricing is expected on Friday.

The notes will be non-callable for four years.

BNP Paribas has the books for the Rule 144A/Regulation S offering, which has no registration rights. SG Corporate & Investment Banking is the co-manager.

The notes are guaranteed on a senior subordinated basis by Novasaur and Finasaur.

Proceeds will be used to repay mezzanine bonds issued to partially fund the buyout of Saur Group by PAI Partners.

The prospective issuer is a Paris-based water treatment company.

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