By Paul A. Harris
Portland, Ore., Sept. 15 – SPCM SA, the holding company for SNF Floerger, priced €700 million of senior notes (S&P: BB+) in two tranches on Tuesday, according to market sources.
The deal featured €350 million of 6.5-year notes, which price at par to yield 2%, at the tight end of yield talk of 2% to 2 1/8%. Initial talk was in the 2¼% area.
The issue also featured €350 million of 9.5-year notes, which priced at par to yield 2 5/8%, at the tight end of the 2 5/8% to 2¾% yield talk. Initial talk was in the 2 7/8% area.
BNP Paribas was the physical bookrunner. Credit Agricole was a joint bookrunner.
The Andrezieux, France-based producer of polyacrylamide plans to use the proceeds to repay debt.
| Issuer: | SPCM SA
|
| Amount: | €700 million
|
| Securities: | Senior notes
|
| Physical bookrunner: | BNP Paribas
|
| Joint bookrunner: | Credit Agricole
|
| Co-manager: | BofA and Natixis, SG
|
| Trade date: | Sept. 15
|
| Settlement date: | Sept. 24
|
| Rating: | S&P: BB+
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Notes due 2026
|
| Amount: | €350 million
|
| Maturity: | Feb. 1, 2026
|
| Coupon: | 2%
|
| Price: | Par
|
| Yield: | 2%
|
| Spread: | 270 bps
|
| First call: | Sept. 15, 2022 at 101
|
| Price talk: | 2% to 2 1/8%
|
|
|
| Notes due 2029
|
| Amount: | €350 million
|
| Maturity: | Feb. 1, 2029
|
| Coupon: | 2 5/8%
|
| Price: | Par
|
| Yield: | 2 5/8%
|
| Spread: | 321 bps
|
| First call: | Sept. 15, 2023 at 101.313
|
| Price talk: | 2 5/8% to 2¾%
|
|
|
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