By Paul A. Harris
Portland, Ore., Sept. 25 - SNF Floerger priced a $250 million issue of senior notes due Jan. 15, 2022 (Ba3/BB+) at par to yield 6% on Wednesday, according to a syndicate source.
The yield printed at the tight end of the 6% to 6¼% yield talk.
BofA Merrill Lynch was the left bookrunner. BNP Paribas Securities Corp. was the joint bookrunner.
Proceeds will be used to repay revolver debt and for general corporate purposes.
The issuing entity is SPCM SA, the parent of the Andrezieux, France-based producer of specialty chemicals, such as water-soluble polymers.
| Issuer: | SPCM SA (SNF Floerger)
|
| Amount: | $250 million
|
| Maturity: | Jan. 15, 2022
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA Merrill Lynch
|
| Joint bookrunner: | BNP Paribas Securities Corp.
|
| Co-managers: | Credit Agricole CIB, HSBC Securities (USA) Inc., Natixis
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Spread: | 369 bps
|
| First call: | Sept. 15, 2017 at 103
|
| Trade date: | Sept. 25
|
| Settlement date: | Oct. 2
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB+
|
| Distribution: | Rule 144A for life and Regulation S
|
| Price talk: | 6% to 6¼%
|
| Marketing: | Roadshow
|
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