Published on 2/4/2015 in the Prospect News High Yield Daily.
New Issue: Labco prices 100 million tap of 8½% notes due 2018 at 103.75 to yield 7.188%
By Paul A. Harris
Portland, Ore., Feb. 4 Frances Labco SAS priced a 100 million add-on to its 8½% senior secured notes (B3/B+/BB-) due 2018 at 103.75 to yield 7.188% on Wednesday, according to a market source.
The reoffer price came on top of price talk, which richened from earlier talk of 103 to 103.5.
The managers were Deutsche Bank, which will bill and deliver, as well as Morgan Stanley, Barclays, HSBC and Natixis.
The Paris-based clinical laboratory operator plans to use the proceeds to repay bank debt.
| Issuer: | Labco SAS
|
| Amount: | 100 million
|
| Maturity: | Jan. 15, 2018
|
| Security description: | Add-on to 8½% senior secured notes due Jan. 15, 2018
|
| Managers: | Deutsche Bank (bill and deliver), Morgan Stanley, Barclays, HSBC, Natixis
|
| Coupon: | 8½%
|
| Price: | 103.75
|
| Yield: | 7.188%
|
| Spread: | 737 bps
|
| Call: | Currently callable at 104.25
|
| Trade date: | Feb. 4
|
| Settlement date: | Feb. 11
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B+
|
| Fitch: BB-
|
| Price talk: | 103.75, revised from 103 to 103.5
|
| Original issue: | 500 million priced in January 2011
|
| Previous add-on: | 100 million priced at 103 to yield 7.753% in February 2013
|
| Fungibility: | New add-on notes will become fungible with the previously existing notes
|
| Total issue size: | 700 million
|
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