By Rebecca Melvin
New York, May 6 – Eurofins Scientific SE priced €600 million 3¾% notes due 2026 at 99.336 to yield 3 7/8%, or a yield spread of mid swaps plus 414 basis points, according to a syndicate source on Wednesday.
Pricing of the Regulation S notes was at the tight end of guidance for a yield of 3 7/8% to 4% and well below initial price talk for yield in the area of 4 1/8%.
The size of the orderbook was more than €1.4 billion at the time guidance was released. At that time, the deal size was expected to be €500 million.
BNP Paribas, BofA Securities, CIC, Danske Bank and UniCredit are joint bookrunners of the deal.
Proceeds of the bonds, which mature July 17, 2026, will be used to fund general corporate purposes in addition to funding a concurrent capped tender offer for the issuer’s €500 million 2¼% bonds due 2022 and €500 million of 3 3/8% bonds due 2023.
Some of the proceeds may be used to refinance shorter-dated debt instruments, including bank lines and commercial paper.
The international group of laboratories is based in Luxembourg.
| Issuer: | Eurofins Scientific SE
|
| Amount: | €600 million
|
| Maturity: | July 17, 2026
|
| Description: | Notes
|
| Bookrunners: | BNP Paribas, BofA Securities, CIC, Danske Bank and UniCredit
|
| Coupon: | 3¾%
|
| Price: | 99.336
|
| Yield: | 3 7/8%
|
| Spread: | Mid-swaps plus 414 bps
|
| Trade date: | May 6
|
| Settlement date: | May 18
|
| Distribution: | Regulation S
|
| Price guidance: | Guided to 3 7/8%-4%, from 4 1/8% area
|
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