Published on 2/7/2003 in the Prospect News High Yield Daily.
New Issue: Legrand downsizes dollar tranche to $350 million, upsizes euros to €277.5 million
By Paul A. Harris
St. Louis, Feb. 7 - Legrand, SA priced two tranches of senior notes due Feb. 15, 2013 (B1/B+) on Friday, according to a syndicate source.
The dollar portion was downsized to $350 million from a planned $400 million and priced at par to yield 10½%. Price talk was for a yield in the 10% area.
The euro piece was increased to €277.5 million from €200 million and priced at par to yield 11%. Price talk was 50 basis points higher than the dollar notes.
Credit Suisse First Boston and Lehman Brothers were joint bookrunners. Royal Bank of Scotland was co-manager.
Legrand, a Limoges, France-based company, issued the bonds through Fimep SA.
Proceeds from the Rule 144A/Regulation S offering will be used to partially fund the LBO by Kohlberg Kravis Roberts & Co. LP and Wendel Investissement from Schneider Electric SA.
| Issuer: | Fimep SA (Legrand) |
|
| Maturity: | Feb. 15, 2013
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| Security Description: | Senior notes
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| Bookrunners: | Credit Suisse First Boston, Lehman Brothers (joint)
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| Co-managers: | Royal Bank of Scotland
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| Settlement Date: | Feb. 12, 2003 (T+3)
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| Ratings: | Moody's: B1
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| Standard & Poor's: B+
|
|
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| Amount: | $350 million
|
| Coupon: | 10½%
|
| Price: | Par
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| Yield: | 10½%
|
| Spread: | 653 basis points
|
| Call features: | Make whole call for first five years at T+50 basis points, from Feb. 15, 2008 at 105.250, then at 103.500, 101.750, declining to par on Feb. 15, 2011 and thereafter |
|
| Equity clawback: | Until Feb. 15, 2006 for 40% at 110.5
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| Rule 144A Cusip: | 317337AA1 |
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| Price talk: | 10% area
|
|
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| Amount: | €277.5 million
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| Coupon: | 11% |
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| Price: | Par
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| Yield: | 11%
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| Spread: | 705 basis points
|
| Call Features: | Make whole call for first five years at Bunds+50 basis points, from Feb. 15, 2008 at 105.500, then at 103.667, 101.833, declining to par on Feb. 15, 2011 and thereafter
|
| Equity clawback: | Until Feb. 15, 2006 for 40% at 111.0
|
| Rule 144A ISIN: | XS0161599211 |
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| Price talk: | 50 basis points behind dollar notes
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