By Paul A. Harris
St. Louis, Feb. 2 - French paper manufacturer Lecta SA priced an upsized and restructured €748 million two-part offering of seven-year floating-rate notes on Friday, according to a market source.
The Paris-based company priced an upsized €598 million tranche of senior secured notes (Ba3/BB-) at par to yield three-month Euribor plus 262.5 basis points. The interest rate came 12.5 bps inside of the Euribor plus 275 to 300 bps price talk. The secured notes tranche was upsized from €473 million.
Meanwhile Lecta priced a downsized €150 million tranche of senior unsecured notes (B1/B) at par to yield three-month Euribor plus 400 bps, 12.5 bps inside of the Euribor plus 425 bps area price talk. The unsecured notes tranche was downsized from €175 million.
Deutsche Bank Securities ran the books for the Rule 144A and Regulation S deal. HVB was the co-manager.
The total two-part transaction was upsized from €648 million.
Proceeds will be used to repay debt.
| Issuer: | Lecta SA
|
| Amount: | €748 million (increased from €648 million)
|
| Maturity: | May 15, 2014
|
| Bookrunner: | Deutsche Bank Securities
|
| Co-manager: | HVB
|
| Trade date: | Feb. 2
|
| Settlement date: | Feb. 13
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Senior secured notes
|
| Amount: | €598 million (increased from €473 million)
|
| Coupon: | Three-month Euribor plus 262.5 bps
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 262.5 bps
|
| Call features: | Callable on May 15, 2008 at 101, par on and after May 15, 2009
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Price talk: | Euribor plus 275-300 bps
|
|
|
| Senior unsecured notes
|
| Amount: | €150 million (decreased from €175 million)
|
| Coupon: | Three-month Euribor plus 400 bps
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 400 bps
|
| Call features: | Callable on May 15, 2008 at 102, 101, par on and after May 15, 2010
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B
|
| Price talk: | Euribor plus 425 bps area
|
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