By Paul A. Harris
Portland, Ore., May 29 - Italy's Officine Maccaferri SpA priced a €200 million issue of seven-year senior notes (B2//B) at par to yield 5¾% on Thursday, according to a market source.
The yield printed at the tight end of the 5¾% to 6% yield talk. Initial guidance had the deal coming in a high 5% to low 6% yield context.
Joint bookrunner Credit Suisse will bill and deliver. Banca IMI, BNP Paribas and UniCredit are also joint bookrunners.
The Bologna, Italy-based building products company plans to use the proceeds to refinance debt, to acquire the real estate of the company's headquarters, to pay a special dividend and for general corporate purposes.
| Issuer: | Officine Maccaferri SpA
|
| Amount: | €200 million
|
| Maturity: | June 1, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Suisse (bill and deliver), Banca IMI, BNP Paribas, UniCredit
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Spread: | 497 bps
|
| First call: | June 1, 2017 at 102.875
|
| Trade date: | May 29
|
| Settlement date: | June 5
|
| Ratings: | Moody's: B2
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¾% to 6%
|
| Marketing: | Roadshow
|
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