France's Oberthur cuts bond offer to €190 million from €200 million

By Paul A. Harris and Sara Rosenberg

Portland, Ore., Oct. 8 - France's Oberthur Technologies downsized its offering of senior notes due 2020 (/CCC/CCC+) to €190 million from €200 million, a market source said on Tuesday.

The notes are expected to have a long six-year maturity and are expected to price in the middle part of the present week.

Goldman Sachs, JPMorgan and Lloyds TSB are the active bookrunners. Barclays, HSBC and SG CIB are the passive bookrunners.

The Rule 144A and Regulation S notes come with three years of call protection.

The Paris-based manufacturer of chip-based digital authentication products for the payment and telecommunications industries plans to use the proceeds to refinance debt.

In conjunction with downsizing the notes offering, Oberthur also downsized its U.S. term loan B to $280 million from $372 million and upsized its euro term loan B to €260 million from €165 million.

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