By Paul A. Harris
Portland, Ore., April 3 - France-based Quick Restaurants, issuing via its Financiere Quick SA unit, priced an upsized €595 million of floating-rate notes in two tranches on Thursday, according to a market source.
An upsized €440 million tranche of five-year senior secured notes (B3/B-/) priced at par to yield Euribor plus 475 basis points. The tranche was upsized from €430 million. The spread printed at the tight end of the Euribor plus 475 bps to 500 bps spread talk.
In addition Quick priced a €155 million tranche of senior unsecured notes due Oct. 15, 2019 (Caa2/CCC/) at par to yield Euribor plus 750 bps. The spread came at the tight end of the Euribor plus 750 bps to 775 bps spread talk.
The overall deal size increased from €585 million.
Joint global coordinator Goldman Sachs International will bill and deliver. JPMorgan is a joint bookrunner.
Proceeds, together with cash on the balance sheet, will be used to repay existing senior debt, second-lien debt, mezzanine debt, a shareholder loan and convertible bonds.
| Issuer: | Financiere Quick SA (Quick Restaurants)
|
| Amount: | €595 million, increased from €585 million
|
| Securities: | Floating-rate notes
|
| Global coordinator: | Goldman Sachs International (bill and deliver)
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| Joint bookrunner: | JPMorgan
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| Trade date: | April 3
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| Settlement date: | April 8
|
| Distribution: | Rule 144A and Regulation S
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| Marketing: | Roadshow
|
|
|
| Secured notes
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| Amount: | €440 million, increased from €430 million
|
| Maturity: | April 15, 2019
|
| Coupon: | Euribor plus 475 bps
|
| Price: | Par
|
| Yield: | Euribor plus 475 bps
|
| Price talk: | Euribor plus 475 bps to 500 bps
|
| First call: | After one year at 101
|
| Ratings: | Moody's: B3
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| Standard & Poor's: B-
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|
|
| Unsecured notes
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| Amount: | €155 million
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| Maturity: | Oct. 15, 2019
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| Coupon: | Euribor plus 750 bps
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| Price: | Par
|
| Yield: | Euribor plus 750 bps
|
| Price talk: | Euribor plus 750 bps to 775 bps
|
| First call: | After 1.5 years at 102
|
| Ratings: | Moody's: Caa2
|
| Standard & Poor's: CCC
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