By Paul A. Harris
Portland, Ore., April 29 - France's Holding Medi-Partenaires priced a €385 million issue of seven-year senior secured notes (expected ratings B3/B/) at par to yield 7% on Monday, according to a market source.
The yield printed at the tight end of the 7% to 7¼% yield talk.
Joint bookrunner Credit Suisse will bill and deliver. Credit Agricole CIB and Natixis were also joint bookrunners.
The Paris-based private hospital group plans to use the proceeds to refinance debt and shareholder loans.
| Issuer: | Holding Medi-Partenaires
|
| Amount: | €385 million
|
| Maturity: | May 15, 2020
|
| Securities: | Senior secured notes
|
| Bookrunners: | Credit Suisse (bill and deliver), Credit Agricole CIB, Natixis
|
| Coupon: | 7%
|
| Price: | Par
|
| Yield: | 7%
|
| Spread: | 633 bps
|
| Call protection: | Three years
|
| Trade date: | April 29
|
| Settlement date: | May 7
|
| Expected ratings: | Moody's: B3
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7% to 7¼%
|
| Marketing: | Roadshow
|
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