Manutencoop downsizes seven-year notes to €425 million, nixes floaters; pricing expected Friday

By Paul A. Harris

Portland, Ore., July 26 - Italy's Manutencoop downsized its notes offering to €425 million from €450 million and eliminated a proposed tranche of floating-rate notes, market sources said on Friday.

Final talk on the remaining tranche of seven-year fixed-rate notes has them pricing with an 8½% coupon at a discount to yield 8¾%.

Final terms are expected before the weekend.

JPMorgan, UniCredit, Banca IMI and Mediobanca are the joint bookrunners.

The fixed-rate notes come with three years of call protection.

The Bologna, Italy-based facilities management company plans to use the proceeds to repay debt.

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