France’s Picard talks €60 million tap of Euribor plus 300 bps floater due 2023 at 98.75-99

By Paul A. Harris

Portland, Ore., May 3 – France-based Picard talked a €60 million add-on to its Euribor plus 300 basis points senior secured floating-rate notes due Nov. 30, 2023 (B2/B) at 98.75 to 99, according to a market source.

The deal is expected to price on Thursday.

Joint bookrunner Credit Suisse will bill and deliver. JPMorgan is also a joint bookrunner.

The notes become callable after Nov. 30, 2018 at 101.

The Fontainebleau, France-based frozen food company plans to use the proceeds to fund a dividend to its shareholders.

The original €1.19 billion issue priced at par in December 2017.

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