By Paul A. Harris
Portland, Ore., May 31 - Novalis SAS priced a €450 million issue of five-year senior secured notes (B1/B+/) at par to yield 6% on Friday, according to a market source.
The deal was priced at the tight end of the 6% to 6¼% price talk.
Global coordinator and joint bookrunner BNP Paribas will bill and deliver. Deutsche Bank was also a global coordinator and joint bookrunner. Goldman Sachs and JPMorgan were also joint bookrunners.
Proceeds will be used to refinance debt.
Novalis is a Puteaux, France-based provider of flat linen, garment and hygiene and well-being services.
| Issuer: | Novalis SAS
|
| Amount: | €450 million
|
| Maturity: | June 7, 2018
|
| Securities: | Senior secured notes
|
| Bill and deliver: | BNP Paribas
|
| Global coordinators: | BNP Paribas, Deutsche Bank
|
| Joint bookrunners: | BNP Paribas, Deutsche Bank, Goldman Sachs, JPMorgan
|
| Co-manager: | Credit Agricole CIB
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Call protection: | Two years
|
| Trade date: | May 31
|
| Settlement date: | June 14
|
| Expected ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Guidance: | 6% to 6¼%
|
| Marketing: | Roadshow
|
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