Hornbach-Baumarkt to launch €200 million notes this week in Europe

By Paul A. Harris

St. Louis, Nov. 8 - Hornbach-Baumarkt AG will present a €200 million offering of 10-year notes (Ba3/BB-) to investors in Europe throughout the week, according to a company news release.

Deutsche Bank Securities is the bookrunner, according to a market source.

Hornbach chief financial officer Roland Pelka said in the news release that Hornbach "is one of the first companies in the German retail sector to access a modern and forward-looking source of debt capital," referring to the high-yield bond market.

He added that the company is "currently in the crossover division and [has] good chances of being promoted to an investment grade in the coming years."

The Bornheim bei Landau/Pfalz, Germany-based company operates do-it-yourself retail markets and garden centers.

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