Greece's Sani/Ikos talks €300 million 5.5-year secured notes to yield in 5¾% area

By Paul A. Harris

Portland, Ore., July 15 – Luxury hotel operator Sani/Ikos Group talked its €300 million offering of senior secured notes due December 2026 (Caa1//B-) to yield in the 5¾% area, according to market sources.

Morgan Stanley and JP Morgan are the bookrunners. Alpha Bank, Eurobank, National Bank and Piraeus are the co-managers.

The notes become callable after two years at par plus 50% of the coupon.

The issuing entity will be Sani/Ikos Financial Holdings 1 Sarl.

The company, which is headquartered in Halkidiki, Greece, plans to use the proceeds to refinance debt, enhance its liquidity and for general corporate purposes.

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