France's Wendel launches upsized €400 million seven-year notes at 3¾%

By Paul A. Harris

Portland, Ore., Jan. 13 - France's Wendel Investissement launched an upsized €400 million offering of seven-year senior notes (/BB+/) with a yield of 3¾% on Monday, a market source said.

The deal is expected to price shortly.

The launch yield comes inside of earlier yield talk of 3 7/8% to 4% and is 37.5 basis points tighter than the initial guidance, which came in the 4 1/8% area.

The offer is playing to €4 billion of orders from over 450 accounts, the source said.

BofA Merrill Lynch, BNP Paribas, HSBC, SG CIB and Natixis are the joint bookrunners.

The Paris-based investment company plans to use the proceeds for general corporate purposes.

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