By Paul A. Harris
Portland, Ore., April 25 – Loxam SAS priced a €300 million issue of five-year senior secured notes (S&P: BB-) at par to yield 6 3/8% on Tuesday, according to a London-based debt capital markets banker.
The yield printed at the tight end of yield talk in the 6½% area and tighter than the earlier 6½% to 6¾% guidance.
The issuer did very well with Tuesday’s execution, the banker remarked.
The Paris-based equipment rental services company plans to use the proceeds to repay its existing €300 million of 4¼% senior secured notes due 2024.
Loxam also plans to issue exchange notes to partially repay its €300 million of 6% senior notes due 2025 and €300 million 3¼% senior secured notes due 2025.
The new five-year notes offering could upsize by amounts accepted into the exchange of the 2025 notes, a market source said.
| Issuer: | Loxam SAS
|
| Amount: | €300 million
|
| Issue: | Senior secured notes
|
| Tenor: | Five years
|
| Leads: | JPMorgan, BNP Paribas and Deutsche Bank
|
| Coupon: | 6 3/8%
|
| Price: | Par
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| Yield: | 6 3/8%
|
| Call protection: | Two years
|
| Trade date: | April 25
|
| Rating: | S&P: BB-
|
| Price talk: | 6½% area
|
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