By Paul A. Harris
Portland, Ore., Nov. 30 - TMF Group Holding BV priced €580 million of high-yield notes in two resized tranches on Friday, according to a market source.
The Amsterdam-based company priced an upsized €405 million tranche of Euribor plus 537.5 basis points six-year senior secured floating-rate notes (B1) at 99.
The tranche was upsized from €380 million. The spread came 12.5 bps lower than the 550 bps to 575 bps spread talk. The reoffer price came on top of price talk.
In addition TMF priced a downsized €175 million tranche of seven-year senior fixed-rate notes (Caa1) at par to yield 9 7/8%.
The unsecured tranche was downsized from €200 million. The yield printed at the tight end of yield talk that was set in the 10% area. The reoffer price came on top of price talk.
Global coordinator Goldman Sachs International Ltd. will bill and deliver. HSBC, ING and UniCredit were the joint bookrunners.
Proceeds will be used to repay bank debt.
The company is a financial, legal and human resources administrative services provider.
| Issuer: | TMF Group Holding BV
|
| Amount: | €580 million
|
| Global coordinator, bill/deliver: | Goldman Sachs International Ltd.
|
| Joint bookrunners: | HSBC, ING, UniCredit
|
| Trade date: | Nov. 30
|
| Settlement date: | Dec. 7
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Secured notes
|
| Amount: | €405 million, increased from €380 million
|
| Maturity: | Dec. 1, 2018
|
| Securities: | Senior secured floating-rate notes
|
| Coupon: | Euribor plus 537.5 bps
|
| Price: | 99
|
| Call features: | Callable after one year at 102, 101 after two years
|
| Rating: | Moody's: B1
|
| Price talk: | Euribor plus 550 bps to 575 bps at 99
|
|
|
| Unsecured notes
|
| Amount: | €175 million, decreased from €200 million
|
| Maturity: | Dec. 1, 2019
|
| Securities: | Senior fixed-rate notes
|
| Coupon: | 9 7/8%
|
| Price: | Par
|
| Yield: | 9 7/8%
|
| Spread: | 914 bps
|
| First call: | Callable after 3.75 years at 104.938
|
| Rating: | Moody's: Caa1
|
| Price talk: | 10% area at par
|
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