By Paul A. Harris
Portland, Ore., May 23 - Transportation services provider Avanza Spain SAU priced a €490 million two-part offering of high-yield notes on Thursday, according to a market source.
A €315 million tranche of five-year senior secured notes (B1/B+/) priced at par to yield 7½%, at the tight end of the 7½% to 7¾% yield talk. The secured notes were issued via special purpose vehicle AG Spring Finance Ltd.
Meanwhile AG Spring Finance II Ltd. priced €175 million of six-year senior unsecured notes (B2/B-/) at par to yield 9½%, at the tight end of the 9½% to 9¾% yield talk.
Joint bookrunner Goldman Sachs International will bill and deliver. JPMorgan and UniCredit were also joint bookrunners.
Proceeds will be used to refinance bank debt.
The company is based in Madrid.
| Company: | Avanza Spain SAU
|
| Amount: | €490 million
|
| Bookrunners: | Goldman Sachs International (bill and deliver), JPMorgan, UniCredit
|
| Trade date: | May 23
|
| Settlement date: | May 31
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| Senior secured notes
|
| Issuer: | AG Spring Finance Ltd.
|
| Amount: | €315 million
|
| Maturity: | June 1, 2018
|
| Coupon: | 7½%
|
| Price: | Par
|
| Yield: | 7½%
|
| Spread: | 708 bps
|
| First call: | June 1, 2015 at 103.75
|
| Price talk: | 7½% to 7¾%
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B+
|
|
|
| Senior unsecured notes
|
| Issuer: | AG Spring Finance II Ltd.
|
| Amount: | €175 million
|
| Maturity: | June 1, 2019
|
| Coupon: | 9½%
|
| Price: | Par
|
| Yield: | 9½%
|
| Spread: | 890 bps
|
| First call: | June 1, 2016 at 104.75
|
| Price talk: | 9½% to 9¾%
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B-
|
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