By Paul A. Harris
Portland, Ore., June 10 Netherlands-based retailer HEMA priced 715 million of notes in three re-sized tranches on Tuesday, according to a market source.
The deal saw 25 million of proceeds shifted to a tranche of fixed-rate secured notes from a tranche of floating-rate secured notes.
Special purpose vehicle HEMA Bondco I BV priced an upsized 315 million of five-year senior secured fixed-rate notes (/B+/) at par to yield 6Ό%. The tranche was upsized from 290 million. The yield printed 12.5 basis points inside of yield talk in the 6½% area.
HEMA Bondco I BV also priced a downsized 250 million tranche of senior secured floating-rate notes (/B+/) at par to yield Euribor plus 525 bps. The tranche was downsized from 275 million. The yield printed at the tight end of the Euribor plus 525 bps to 550 bps spread talk.
A separate special purpose vehicle, HEMA Bondco II BV, issued the unsecured notes, a 150 million tranche of 5.5-year senior fixed-rate notes which priced at par to yield 8½%. The yield printed on top of yield talk.
Global coordinator Credit Suisse will bill and deliver. ABN Amro, BNP Paribas, Citigroup, JPMorgan and Royal Bank of Scotland were the joint bookrunners.
The company, which is based in Amsterdam, plans to use the proceeds to refinance debt.
| Company: | HEMA
|
| Amount: | 715 million
|
| Global coordinator: | Credit Suisse (bill and deliver)
|
| Joint bookrunners: | ABN Amro, BNP Paribas, Citigroup, JPMorgan, Royal Bank of Scotland
|
| Trade date: | June 10
|
| Settlement date: | June 17
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Senior secured fixed-rate notes
|
| Issuer: | HEMA Bondco I BV
|
| Amount: | 315 million, increased from 290 million
|
| Maturity: | June 15, 2019
|
| Coupon: | 6Ό%
|
| Price: | Par
|
| Yield: | 6Ό%
|
| Call protection: | Two years
|
| Rating: | Standard & Poors: B+
|
| Price talk: | 6½% area
|
|
|
| Senior secured floating-rate notes
|
| Issuer: | HEMA Bondco I BV
|
| Amount: | 250 million, downsized from 275 million
|
| Maturity: | June 15, 2019
|
| Coupon: | Euribor plus 525 bps
|
| Price: | Par
|
| Yield: | Euribor plus 525 bps
|
| Call protection: | One year
|
| Rating: | Standard & Poor's: B+
|
| Price talk: | Euribor plus 525 bps to 550 bps
|
|
|
| Senior unsecured fixed-rate notes
|
| Issuer: | HEMA Bondco II BV
|
| Amount: | 150 million
|
| Maturity: | Dec. 15, 2019
|
| Coupon: | 8½%
|
| Price: | Par
|
| Yield: | 8½%
|
| Call protection: | 2.5 years
|
| Rating: | Standard & Poor's: B-
|
| Price talk: | 8½% area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
