Published on 6/9/2016 in the Prospect News High Yield Daily.
New Issue: Tereos prices €400 million 4 1/8% seven-year notes at 99.257 to yield 4¼%
By Paul A. Harris
Portland, Ore., June 9 – France-based sugar producer Tereos priced a €400 million issue of 4 1/8% seven-year senior notes (/BB/BB) at 99.257 to yield 4¼% on Thursday, according to a market source.
Global coordinators and physical bookrunner Natixis will bill and deliver. BNP Paribas and Rabobank were also global coordinators and physical bookrunners.
Proceeds will be used for general corporate purposes and for debt refinancing, including €170 million of bank debt at Tereos EU.
The company is based in Lille, France.
Issuer: | Tereos Finance Groupe 1
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Amount: | €400 million
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Maturity: | June 6, 2023
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Securities: | Senior notes
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Global coordinators: | Natixis (bill and deliver), BNP Paribas, Rabobank
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Physical bookrunners: | BNP Paribas, CM-CIC, HSBC, Natixis, Rabobank
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Bookrunners: | Commerzbank, ING
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Coupon: | 4 1/8%
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Price: | 99.257
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Yield: | 4¼%
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Spread: | 455 bps
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Call: | Par call three months prior to maturity, otherwise non-callable
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Trade date: | June 9
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Settlement date: | June 16
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Ratings: | S&P: BB
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| Fitch: BB
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Distribution: | Regulation S
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Marketing: | Roadshow
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