Oversubscribed three-tranche deal aids in extension of maturities
By Jennifer Chiou
New York, Jan. 12 - Vicat SA announced that it has issued via private placement $450 million and €60 million of bonds in multiple tranches with maturities ranging between seven and 12 years.
The bonds were sold to U.S. private institutional investors in an oversubscribed offering.
Vicat noted in a release that the average maturity of its debt consequently has been extended "significantly" to an average of five years from two years.
As for the maturity breakdown, $100 million and €60 million of the bonds are due in 2018, $230 million is due in 2021 and $120 million is due in 2023.
Proceeds will also go toward the early repayment of some credit lines.
Following the conversion of all the tranches into euros, the average fixed interest rate on the bonds stands at 5.46%.
Vicat is a France-based cement manufacturer that also operates in Switzerland, Italy, the United States, Turkey, Egypt, Senegal, Mali, Mauritania, Kazakhstan and India.
| Issuer: | Vicat SA
|
| Issue: | Bonds
|
| Amounts: | $450 million and €60 million
|
| Maturities: | 2018 (for $100 million and €60 million); 2021 (for $230 million); 2023 (for $120 million)
|
| Coupon: | 5.46% (average)
|
| Announcement date: | Jan. 12
|
| Stock symbol: | €61.93 at close Jan. 12
|
| Stock price: | EPA: VCT
|
| Market capitalization: | €2.72 billion
|
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