Published on 4/18/2013 in the Prospect News High Yield Daily.
New Issue: France's Elior prices upsized €350 million seven-year notes at par to yield 6½%
By Paul A. Harris
Portland, Ore., April 18 - Elior Finance & Co. SCA priced an upsized €350 million issue of seven-year senior secured notes (confirmed B3/expected BB-/) at par to yield 6 ½% on Thursday, according to a market source.
The yield printed 12.5 basis points inside of price talk that was set in the 6¾% area.
Joint bookrunner JPMorgan will bill and deliver. Credit Agricole CIB, HSBC and Nomura were also joint bookrunners for the deal, which was upsized from €300 million.
The Paris-based contracted food and support services company plans to use the proceeds to repay debt. The additional proceeds, resulting from the upsizing of the bond deal, will be used to repay bank debt.
Issuer: | Elior Finance & Co. SCA
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Amount: | €350 million, increased from €300 million
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Maturity: | May 1, 2020
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Securities: | Senior secured notes
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Bookrunners: | JPMorgan (bill and deliver), Credit Agricole CIB, HSBC, Nomura
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Coupon: | 6½%
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Price: | Par
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Yield: | 6½%
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Call features: | Make-whole call at Bunds plus 50 bps until May 1, 2016, then callable at 104.875, 103.25, 101.625, par on and after May 1, 2019
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Equity clawback: | 35% at 106.50 until May 1, 2016
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Investor put: | 101% upon change of control
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Trade date: | April 18
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Settlement date: | April 25
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Ratings: | Moody's: B3
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| Standard & Poor's: BB-
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | 6¾% area
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Marketing: | Roadshow
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