By Paul A. Harris
Portland, Ore., Sept. 9 – France-based chemical company SNF priced $700 million of senior notes (Ba1/BB+) in two tranches in a Thursday drive-by, according to market sources.
The deal featured $350 million of 5.5-year notes, which priced at par to yield 3 1/8%, at the tight end of yield talk in the 3¼% area. Initial guidance was in the mid-3% area.
It also featured $350 million of 8.5-year notes, which priced at par to yield 3 3/8%, at the tight end of yield talk in the 3½% area. Initial guidance was in the high-3% area.
The deal was heard to be three-times to four-times oversubscribed across both tranches, a trader said.
BofA was the left bookrunner. BNP Paribas was a joint bookrunner.
The issuing entity is SPCM SA.
Proceeds will be used to redeem the SPCM 4 7/8% senior notes due 2025 and fund cash to the balance sheet for general corporate purposes.
| Issuer: | SPCM SA
|
| Amount: | $700 million
|
| Securities: | Senior notes
|
| Left bookrunner: | BofA
|
| Joint bookrunner: | BNP Paribas
|
| Co-managers: | Credit Agricole and Natixis, SG
|
| Trade date: | Sept. 9
|
| Settlement date: | Sept. 20
|
| Ratings: | Moody's: Ba1
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Drive-by
|
|
|
| 5.5-year notes
|
| Amount: | $350 million
|
| Maturity: | March 15, 2027
|
| Coupon: | 3 1/8%
|
| Price: | Par
|
| Yield: | 3 1/8%
|
| First call: | March 15, 2024 at 101.563
|
| Price talk: | 3¼% area
|
|
|
| 8.5-year notes
|
| Amount: | $350 million
|
| Maturity: | March 15, 2030
|
| Coupon: | 3 3/8%
|
| Price: | Par
|
| Yield: | 3 3/8%
|
| First call: | March 15, 2025 at 101.688
|
| Price talk: | 3½% area
|
|
|
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