Published on 5/2/2013 in the Prospect News High Yield Daily.
New Issue: Spain's Gestamp sells €770 million equivalent seven-year secured notes in two parts
By Paul A. Harris
Portland, Ore., May 2 - Spanish engineering firm Gestamp Automacion SL priced a slightly upsized €770 million equivalent amount of seven-year senior secured notes (B1/BB) in two tranches on Thursday, according to a market source.
The deal, which was upsized from €750 million equivalent, included a $350 million tranche of notes, which priced at par to yield 5 5/8%, at the tight end of price talk set in the 5¾% area, and a €500 million tranche of notes, which priced at par to yield 5 7/8%, at the tight end of price talk set in the 6% area.
Joint bookrunner Deutsche Bank will bill and deliver. BofA Merrill Lynch, Bankia, Barclays, BBVA, Caxia, Commerzbank, Itau, Santander and SG CIB were also joint bookrunners.
The Abadino, Spain-based company plans to use the proceeds to refinance debt.
Issuer: | Gestamp Funding Luxembourg SA (Gestamp Automacion SL)
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Amount: | €770 million equivalent, upsized from €750 million equivalent
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Maturity: | May 31, 2020
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Securities: | Senior secured notes
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Bookrunners: | Deutsche Bank (bill and deliver), BofA Merrill Lynch, Bankia, Barclays, BBVA, Caxia, Commerzbank, Itau, Santander, SG CIB
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Co-manager: | Sabadell
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Call protection: | Three years
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Trade date: | May 2
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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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Marketing: | Roadshow
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|
Dollar-denominated notes
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Amount: | $350 million
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Coupon: | 5 5/8%
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Price: | Par
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Yield: | 5 5/8%
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Spread: | 455 bps
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Price talk: | 5¾% area
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|
Euro-denominated notes
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Amount: | €500 million
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Coupon: | 5 7/8%
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Price: | Par
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Yield: | 5 7/8%
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Spread: | 521 bps
|
Price talk: | 6% area
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