By Paul A. Harris
Portland, Ore., May 20 – Marcolin SpA priced a €350 million issue of 5.5-year senior secured notes (B3/B-) at par to yield 6 1/8% on Wednesday, according to market sources.
The yield printed in the middle of the 6% to 6¼% yield talk.
The deal underwent document changes.
Deutsche Bank was at the left of a syndicate of deal managers that also included UniCredit, Credit Suisse and Banca IMI.
The Longarone, Italy-based eyewear company plans to use the proceeds to pay off its revolver, to redeem its senior secured floating-rate notes due 2023 and for general corporate purposes.
| Issuer: | Marcolin SpA
|
| Amount: | €350 million
|
| Maturity: | Nov. 15, 2026
|
| Securities: | Senior secured notes
|
| Leads: | Deutsche Bank, UniCredit, Credit Suisse and Banca IMI
|
| Coupon: | 6 1/8%
|
| Price: | Par
|
| Yield: | 6 1/8%
|
| Call protection: | Two years
|
| Trade date: | May 19
|
| Settlement date: | May 27
|
| Ratings: | Moody's: B3
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6% to 6¼%
|
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