By Lisa Kerner
Charlotte, N.C., March 1 - Saft SA issued $150 million of senior notes in the U.S. private placement market as part of its bank debt refinancing, the company announced on Thursday.
The notes were issued as
• $75 million of 4.26% notes due February 2019; and
• $75 million of 4.73% notes due February 2022.
Bank of America Merrill Lynch, HSBC and Lloyds Bank were the placement agents and bookrunners.
In addition to the notes, Saft closed on a €200 million syndicated facility.
Saft said it was able to cut its overall gross debt to €216 million, a €120 million reduction.
The notes will not be registered for resale under the Securities Act and may not be offered or sold absent such registration or an applicable exemption from the registration requirements of the Securities Act.
Paris-based Saft designs and manufactures advanced technology batteries for industry.
| Issuer: | Saft SA
|
| Issue: | Senior notes
|
| Amount: | $150 million
|
| Announcement date: | March 1
|
| Distribution: | Private placement
|
|
|
| Seven-year notes
|
| Amount: | $75 million
|
| Maturity: | February 2019
|
| Coupon: | 4.26%
|
|
|
| 10-year notes
|
| Amount: | $75 million
|
| Maturity: | February 2022
|
| Coupon: | 4.73%
|
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