By Paul A. Harris
Portland, Ore., Nov. 15 – Verisure priced €1,145,000,000 equivalent of six-year senior notes (Caa1/CCC+) in two tranches on Wednesday, according to market sources.
The notes were priced via Verisure Midholding AB.
The deal included €980 million of fixed-rate notes that priced at par to yield 5¾%. The yield printed on top of yield talk in the 5¾% area.
A SEK 1.65 billion amount of Stibor plus 575 basis points (0% Stibor floor) floating-rate notes also priced at par. The coupon came on top of talk in the Stibor plus 575 bps area.
Joint global coordinator and physical bookrunner Goldman Sachs will bill and deliver for the Rule 144A and Regulation S deal. Nordea was also a joint global coordinator and a physical bookrunner for the krona-denominated notes only.
BofA Merrill Lynch, JPMorgan, Morgan Stanley and Nomura are joint bookrunners.
The Malmo, Sweden-based provider of security systems plans to use the proceeds, together with drawings on its proposed upsized existing senior credit facilities, to take out the senior notes due 2023, to repay outstanding amounts under the revolving credit facility, to make a distribution to shareholders and for general corporate purposes.
| Issuer: | Verisure Midholding AB
|
| Amount: | €1,145,000,000 equivalent
|
| Tenor: | Six years
|
| Securities: | Senior notes
|
| Global coordinators: | Goldman Sachs (bill and deliver) and Nordea
|
| Physical bookrunners: | Goldman Sachs and Nordea
|
| Bookrunners: | BofA Merrill Lynch, JPMorgan, Morgan Stanley, Nomura
|
| Call protection: | Two years
|
| Trade date: | Nov. 15
|
| Ratings: | Moody's: Caa1
|
| S&P: CCC+
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| Fixed-rate notes
|
| Amount: | €980 million
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Price talk: | 5¾% area
|
|
|
| Floating-rate notes
|
| Amount: | SEK 1.65 billion
|
| Coupon: | Stibor plus 575 bps
|
| Stibor floor: | 0%
|
| Price: | Par
|
| Yield: | Stibor plus 575 bps
|
| Price talk: | Stibor plus 575 bps area
|
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