By Paul A. Harris
St. Louis, June 22 - French chemical manufacturer SPCM SA priced a €190 million issue of seven-year notes (expected ratings B3/BB-/) at par to yield 8¼% on Tuesday, according to an informed source.
The yield printed at the tight end of the 8 3/8% area price talk.
Credit Agricole CIB and BNP Paribas were the joint bookrunners.
Proceeds will be used to refinance debt. The company is also concurrently tendering for its existing 8¼% notes due 2013.
| Issuer: | SPCM SA
|
| Amount: | €190 million
|
| Maturity: | June 15, 2017
|
| Securities: | Senior unsecured notes
|
| Bookrunners: | Credit Agricole CIB, BNP Paribas
|
| Co-managers: | HSBC, Natixis Bleichroeder
|
| Coupon: | 8¼%
|
| Price: | Par
|
| Yield: | 8¼%
|
| Spread: | 606.2 bps
|
| Call: | Callable in three years at par plus full coupon (108.25)
|
| Trade date: | June 22
|
| Settlement date: | June 29
|
| Expected ratings: | Moody's: B3
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8 3/8% area
|
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