By Paul A. Harris
St. Louis, May 8 - Victoria Acquisition II BV (Vendex KKB V.B.) priced a non-rated €460 million issue of nine-year floating-rate PIK notes at par to yield three-month Euribor plus 800 basis points on Monday, according to market sources.
The issue priced on top of the price talk.
Citigroup and Deutsche Bank Securities were the underwriters for the Rule 144A and Regulation S issue.
Proceeds, along with cash on hand, will be used to repay shareholder loans and other shareholder funding instruments, as well as €275 million of senior bank debt.
The issuer is an Amsterdam, Netherlands-based non-food retailer.
| Issuer: | Victoria Acquisition II BV (Vendex KKB V.B.)
|
| Amount: | €460 million
|
| Maturity: | May 15, 2015
|
| Security description: | Floating-rate PIK notes (PIK for life)
|
| Bookrunners: | Citigroup, Deutsche Bank Securities
|
| Coupon: | Three-month Euribor plus 800 bps
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 800 bps
|
| Call features: | Callable after one year at par, 102 after two years, 101 after three years, par after four years
|
| Trade date: | May 8
|
| Settlement date: | May 19
|
| Ratings: | Non-rated
|
| Distribution: | Rule 144A/Regulation S
|
| Price talk: | Euribor plus 800 bps
|
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