By Paul A. Harris
Portland, Ore., Jan. 24 - Italy's Zobele Holding SpA priced a €180 million issue of five-year senior secured notes (B2/B/) at par to yield 7 7/8% on Thursday, according to a market source.
The yield printed at the tight end of price talk that was set in the 8% area.
Joint global coordinator Goldman Sachs International will bill and deliver. Unicredit was also a joint global coordinator.
Proceeds will be used to repay debt.
The Trent, Italy-based company is a global supplier of air care and insecticide devices.
| Issuer: | Zobele Holding SpA
|
| Amount: | €180 million
|
| Maturity: | Feb. 1, 2018
|
| Securities: | Senior secured notes
|
| Global coordinators: | Goldman Sachs (bill and deliver), UniCredit
|
| Coupon: | 7 7/8%
|
| Price: | Par
|
| Yield: | 7 7/8%
|
| Spread: | 728 bps
|
| First call: | Feb. 1, 2015 at 103.938
|
| Trade date: | Jan. 24
|
| Settlement date: | Jan. 31
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8% area
|
| Marketing: | Roadshow
|
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