New Issue: Germany's Xella sells €300 million seven-year notes at par to yield 8%

By Paul A. Harris

Portland, Ore., May 26 - Xella International SA priced a €300 million issue of seven-year senior secured notes (Ba3/B+/) at par to yield 8% on Thursday, market sources said.

The yield printed at the wide end of the 7¾% to 8% price talk.

BNP Paribas and UniCredit were the global coordinators and physical bookrunners. Goldman Sachs International, JPMorgan and Credit Agricole CIB were the joint bookrunners.

The Duisburg, Germany-based building materials manufacturer plans to use the proceeds to repay debt.

The notes were issued via special purpose vehicle Xefin Lux SCA.

Issuer:	Xefin Lux SCA (Xella International SA)
Amount:	€300 million
Maturity:	June 1, 2018
Securities:	Senior secured notes
Physical bookrunners:	BNP Paribas, UniCredit
Joint bookrunners:	Goldman Sachs International, JPMorgan, Credit Agricole CIB
Co-managers:	Commerzbank, Erste Group, LBBW, MedioBanca
Coupon:	8%
Price:	Par
Yield:	8%
Spread:	541.1 bps
Call features:	Callable on June 1, 2014 at 106, 104, 102, par on and after June 1, 2017
Trade date:	May 26
Settlement date:	June 1
Ratings:	Moody's: Ba3
	Standard & Poor's: B+
Distribution:	Rule 144A and Regulation S for life
Price talk:	7¾% to 8%
Marketing:	Roadshow

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