France’s iQera shops €200 million four-year senior secured notes; initial talk mid-6% area

By Paul A. Harris

Portland, Ore., Sept. 23 – iQera began a brief roadshow for a €200 million offering of four-year senior secured notes (expected ratings B2/B+) on Wednesday, according to a market source.

Initial price talk is in the mid-6% area.

The roadshow is scheduled to run into Thursday.

JPMorgan is the physical bookrunner. Credit Suisse, BNP Paribas, Credit Agricole CIB, Natixis and SG CIB are the joint bookrunners.

The Rule 144A and Regulation S notes become callable after one year at par plus 50% of the coupon.

The issuing entity will be Louvre BidCo SAS.

The Paris-based debt collector plans to use the proceeds to repay debt under its revolver, to refinance €75 million of floating-rate notes and for general corporate purposes.

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