New Issue: SPCM prices €100 million tap of 5½% senior notes due 2020 at 108 to yield 4.054%

By Paul A. Harris

Portland, Ore., Feb. 11 - SPCM SA, the parent of Andrezieux, France-based specialty chemicals producer SNF Floerger, priced a €100 million add-on to its 5½% senior notes due June 15, 2020 (/BB+/) at 108 to yield 4.054% on Tuesday, according to a market source.

The reoffer price came at the rich end of the 107.75 to 108 price talk.

BNP Paribas ran the books for the quick-to-market deal.

Proceeds will be used to refinance drawn amounts under the company's revolving credit facility and for general corporate purposes.

Issuer:	SPCM SA the parent of SNF Floerger
Face amount:	€100 million
Proceeds:	€108 million
Maturity:	June 15, 2020
Security description:	Add-on to 5½% senior notes due June 15, 2020
Bookrunner:	BNP Paribas
Co-managers:	BofA Merrill Lynch, Credit Agricole CIB
Coupon:	5½%
Price:	108
Yield to maturity:	4.054%
Spread:	325 bps over Bunds
First call:	Sept. 15, 2017 at 103
Trade date:	Feb. 11
Settlement date:	Feb. 18 with accrued interest
Rating:	Standard & Poor's: BB+
Distribution:	Regulation S
Marketing:	Quick to market
Original issue:	$250 million priced at par on Sept. 25, 2013
Fungibility:	Add-on notes will be immediately fungible with the existing notes

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