By Paul A. Harris
Portland, Ore., March 19 - Almirall SA priced a €325 million issue of seven-year senior notes (Ba3/BB-/) at par to yield 4 5/8% on Wednesday, according to a market source.
The yield printed 25 basis points beneath the tight end of yield talk in the 5% area.
The roadshow was cut short with the cancellation of planned Wednesday stops in Paris and Frankfurt, and timing on the deal was moved ahead.
Joint global coordinator and joint bookrunner Deutsche Bank will bill and deliver. BBVA was also a joint global coordinator and joint bookrunner.
Banca March and Nomura were also joint bookrunners.
Proceeds will be used to refinance debt and for general corporate purposes.
Almirall is a Barcelona-based pharmaceutical firm.
| Issuer: | Almirall, SA
|
| Amount: | €325 million
|
| Maturity: | April 1, 2021
|
| Securities: | Senior notes
|
| Global coordinators: | Deutsche Bank, BBVA
|
| Joint bookrunners: | Deutsche Bank (bill and deliver), BBVA, Banca March, Nomura
|
| Co-managers: | CaixaBank, Santander, SG CIB
|
| Coupon: | 4 5/8%
|
| Price: | Par
|
| Yield: | 4 5/8%
|
| Spread: | 357 bps
|
| Price talk: | 5% area
|
| First call: | April 1, 2017 at 102.313
|
| Trade date: | March 19
|
| Settlement date: | March 27
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
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