Fives’ €425 million five-year floater guided with low-500 bps area spread, OID in 99 area

By Paul A. Harris

Portland, Ore., April 18 – France-based engineering group Fives set initial guidance for its €425 million offering of Nova Alexandre III SAS five-year senior secured floating-rate notes (B3/B/B+) with a spread in the low-500 basis points area, at an issue price in the 99 area, according to a syndicate source.

The Rule 144A for life and Regulation S deal is set to price on Friday.

The notes become callable after one year.

Joint global coordinator and joint bookrunner BNP Paribas will bill and deliver. Goldman Sachs and SG are also joint global coordinators and joint bookrunners. Natixis is also a joint bookrunner.

Proceeds plus balance sheet cash (as adjusted for an equity increase) will be used to redeem outstanding notes.

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