By Paul A. Harris
Portland, Ore., April 10 – ELO (BB+), formerly known as Auchan Holdings, priced a €750 million issue of four-year senior bullet notes at par to yield 5 7/8% on Wednesday, according to market sources.
The yield printed on top of talk, playing to €2.3 billion of demand, according to an informed source.
Initial guidance was 6 1/8% to 6¼%.
Joint active bookrunners were BNP Paribas, Natixis, Credit Agricole, CIC, Deutsche Bank and Santander.
The French grocery retailer plans to use the proceeds for general corporate purposes.
| Issuer: | ELO
|
| Amount: | €750 million
|
| Issue: | Senior notes
|
| Maturity: | April 2028
|
| Global coordinators: | BNP Paribas (bill and deliver) and Natixis
|
| Joint active bookrunners: | BNP Paribas, Natixis, Credit Agricole, CIC, Deutsche Bank and Santander
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Spread: | Mid-swaps plus 298.5 bps
|
| Call protection: | Bullet: Make-whole at Bunds plus 50 bps
|
| Trade date: | April 10
|
| Distribution: | Regulation S
|
| Issuer rating: | S&P: BB+
|
| Price talk: | 5 7/8%
|
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