Philips Domestic Appliances brings €850 million seven-year secured notes backing LBO by Hillhouse

By Paul A. Harris

Portland, Ore., June 8 – Special purpose vehicle Nobel Bidco BV is in the market with an €850 million offering of seven-year senior secured notes backing the leveraged buyout of Philips Domestic Appliances by Hillhouse Capital, according to market sources.

The deal is being marketed on a roadshow scheduled to wrap up on Wednesday.

Global coordinator and joint bookrunner JPMorgan will bill and deliver. HSBC and Deutsche Bank are also global coordinators and joint bookrunners. BofA and ING are joint bookrunners.

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

Proceeds will be used to fund the acquisition of Netherlands-based Royal Philips' domestic appliances division by Hillhouse capital and to fund cash on the balance sheet.

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