By Paul A. Harris
Portland, Ore., March 2 - Zurich-based travel services provider gategroup priced a €350 million issue of seven-year senior notes (B1/BB/) at par to yield 6¾% on Friday, according to market sources.
The yield printed at the tight end of the 6¾% to 7% yield talk.
Global coordinator and joint bookrunner Credit Suisse will bill and deliver. Citigroup, Deutsche Bank AG and Goldman Sachs International are also joint bookrunners.
The issuing entity is financing unit gategroup Finance (Luxembourg) SA.
Proceeds will be used to repay debt.
| Issuer: | gategroup Finance (Luxembourg) SA
|
| Amount: | €350 million
|
| Maturity: | March 1, 2019
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Suisse (bill and deliver); Citigroup, Deutsche Bank AG, Goldman Sachs International
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Call protection: | Three years
|
| Trade date: | March 2
|
| Settlement date: | March 7
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 6¾% to 7%
|
| Marketing: | Quick to market
|
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