Italy's doValue starts roadshow for €300 million five-year secured notes, initial talk 3½% to 3¾%

By Paul A. Harris

Portland, Ore., July 12 – doValue SpA started a roadshow on Monday for a €300 million offering of five-year secured notes (expected BB/confirmed BB), according to market sources.

Initial guidance has the deal coming to yield 3½% to 3¾%.

Global coordinator and joint bookrunner Goldman Sachs will bill and deliver. Deutsche Bank is also a global coordinator and joint bookrunner. Credit Agricole and UniCredit are joint bookrunners.

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

The Verona, Italy-based financial services provider plans to use the proceeds to pay off its senior credit agreement, and for general corporate purposes.

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