By Paul A. Harris
Portland, Ore., April 17 - France-based optical and eyewear company Alain Afflelou priced €440 million five-year notes in two tranches on Thursday, according to a market source.
The issuing entities were two special purpose vehicles.
3AB Optique Developpement S.A.S. priced €365 million senior secured notes (B2/B/BB-) at par to yield 5 5/8%, at the tight end of yield talk in the 5¾% area.
Lion/Seneca France 2 S.A.S. priced €75 million senior unsecured notes (Caa2/CCC+/CCC+) at par to yield 7 7/8%, in the middle 7¾% to 8% yield talk.
Global coordinator J.P. Morgan Securities plc will bill and deliver. Credit Suisse Securities (Europe) Ltd., UniCredit Bank AG, Credit Agricole CIB and BNP Paribas were the joint bookrunners.
Proceeds will be used to refinance debt.
| Company: | Alain Afflelou
|
| Amount: | €440 million
|
| Maturity: | April 15, 2019
|
| Global coordinator: | J.P. Morgan Securities plc (bill and deliver)
|
| Joint bookrunners: | Credit Suisse Securities (Europe) Ltd., UniCredit Bank AG, Credit Agricole CIB, BNP Paribas
|
| Change-of-control put: | 101%
|
| Trade date: | April 17
|
| Settlement date: | May 6
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Senior secured notes
|
| Issuer: | 3AB Optique Developpement S.A.S.
|
| Amount: | €365 million
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Spread: | 462.5 bps
|
| Price talk: | 5¾% area
|
| First call: | Oct. 15, 2015 at 102.813
|
| Equity clawback: | 40% at 105.625 until Oct. 15, 2015
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Fitch: BB-
|
|
|
| Senior unsecured notes
|
| Issuer: | Lion/Seneca France 2 S.A.S.
|
| Amount: | €75 million
|
| Coupon: | 7 7/8%
|
| Price: | Par
|
| Yield: | 7 7/8%
|
| Spread: | 687.5 bps
|
| Price talk: | 7¾% to 8%
|
| First call: | Oct. 15, 2015 at 103.938
|
| Equity clawback: | 40% at 107.875 until Oct. 15, 2015
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC+
|
| Fitch: CCC+
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
