Published on 1/25/2013 in the Prospect News High Yield Daily.
New Issue: Spain's ENCE prices €250 million seven-year notes at par to yield 7¼%
By Paul A. Harris
Portland, Ore., Jan. 25 - ENCE Energia y Celulosa, SA priced a €250 million issue of seven-year senior secured notes (B1/BB/) at par to yield 7¼% on Friday, according to a market source.
The yield printed on top of yield talk.
Joint bookrunner Deutsche Bank will bill and deliver. BBVA, Banesto, Bankia, Barclays and Citigroup were also joint bookrunners.
The Madrid-based pulp producer and renewable energy generator plans to use the proceeds to repay debt.
Issuer: | ENCE Energia y Celulosa, SA
|
Amount: | €250 million
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Maturity: | Feb. 15, 2020
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Securities: | Senior secured notes
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Bookrunners: | Deutsche Bank (bill and deliver), BBVA, Banesto, Bankia, Barclays, Citigroup
|
Co-managers: | Bankinter, Banc Sabadell
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Coupon: | 7¼%
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Price: | Par
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Yield: | 7¼%
|
Spread: | 618 bps
|
First call: | Feb. 15, 2016 at 105.438
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Trade date: | Jan. 25
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Settlement date: | Feb. 1
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Ratings: | Moody's: B1
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| Standard & Poor's: BB
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Distribution: | Rule 144A and Regulation S
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Price talk: | 7¼% area
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Marketing: | Roadshow
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