New Issue: Vendex prices €200 million seven-year notes to yield 7 3/8%

By Paul A. Harris

St. Louis, Nov. 24 - Koninklijke Vendex KBB NV sold €200 million of senior subordinated notes due Nov. 15, 2010 (Ba3/BB-) at par Monday to yield 7 3/8%, according to a syndicate source.

Price talk was for a yield in the 7½% area.

ING and BNP Paribas were joint bookrunners on the Rule 144A/Regulation S issue. ABN Amro was co-manager.

Vendex will use proceeds to refinance debt.

The issuer is a European nonfood retailer based in Amsterdam.

Issuer:	Koninklijke Vendex KBB NV
Amount:	€200 million
Maturity:	Nov. 15, 2010
Security description:	Senior subordinated notes
Bookrunners:	ING, BNP Paribas
Co-manager:	ABN Amro
Coupon:	7 3/8%
Price:	Par
Yield:	7 3/8%
Spread:	331 basis points
Call features:	Bunds plus 50 basis points make-whole call until Nov. 15, 2006 then at 107.375, 103.688, 101.844, declining to par on Nov. 15, 2009 and thereafter
Equity clawback:	Until Nov. 15, 2006 for 35% at 107.375
Settlement date:	Nov. 28 (T+4)
Ratings:	Moody's: Ba3
	Standard & Poor's: BB-
Price talk:	7½% area

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