By Paul A. Harris
Portland, Ore., Oct. 8 - France's Oberthur Technologies Holding SAS priced a downsized €190 million issue of senior notes due April 30, 2020 (/CCC/CCC+) at par to yield 9¼%, according to a market source.
The deal was downsized from €200 million.
Goldman Sachs International, JPMorgan and Lloyds TSB were joint global coordinators and joint bookrunners. Barclays, HSBC and SG CIB were also joint bookrunners.
Goldman Sachs will bill and deliver.
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 offer, 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.
| Issuer: | Oberthur Technologies Holding SAS
|
| Amount: | €190 million, decreased from €200 million
|
| Maturity: | April 30, 2020
|
| Securities: | Senior notes
|
| Joint global coordinators: | Goldman Sachs International (bill and deliver), JPMorgan, Lloyds TSB
|
| Joint bookrunners: | Goldman Sachs, JPMorgan, Lloyds, Barclays, HSBC, SG CIB
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
| Spread: | 824 bps
|
| Call protection: | Three years
|
| Trade date: | Oct. 8
|
| Settlement date: | Oct. 18
|
| Ratings: | Standard & Poor's: CCC
|
| Fitch: CCC+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 9¼% to 9½%
|
| Marketing: | Roadshow
|
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