By Paul A. Harris
Portland, Ore., July 18 – Eurofins Scientific priced an upsized €650 million issue of unrated 2 1/8% seven-year senior notes at a 170 basis points spread to mid-swaps on Tuesday, according to a market source.
The issue size was increased from €500 million.
The spread priced through the tight end of the 175 bps to 180 bps spread talk.
The final book size was €2.7 billion, the source said.
Global coordinator BofA Merrill Lynch will bill and deliver. BNP Paribas was also a global coordinator.
Credit Agricole, Natixis and UniCredit were the joint bookrunners.
The Luxembourg-based laboratory services provider plans to use the proceeds to repay bonds maturing in 2018 and for enhanced liquidity.
| Issuer: | Eurofins Scientific SE
|
| Amount: | €650 million, increased from €500 million
|
| Maturity: | July 25, 2024
|
| Securities: | Senior notes
|
| Global coordinators: | BofA Merrill Lynch (bill and deliver), BNP Paribas
|
| Bookrunners: | Credit Agricole CIB, Natixis, UniCredit
|
| Coupon: | 2 1/8%
|
| Price: | 99.046
|
| Yield: | 2.274%
|
| Spread: | Mid-swaps plus 170 bps
|
| Trade date: | July 18
|
| Settlement date: | July 25
|
| Rating: | Unrated
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 175 bps to 180 bps
|
| Marketing: | Investor call
|
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