By Paul A. Harris
Portland, Ore., Sept. 30 – Sarens Bestuur NV priced a €125 million add-on to its 5 1/8% senior notes due Feb. 5, 2022 (BB-) at 98.5 to yield 5.525% on Friday, according to a market source.
The reoffer price came at the cheap end of the 98.5 to 99.5 price talk.
ING, BNP Paribas and Degroof Petercam NV are the joint bookrunners for the deal that is coming in a private offering to qualified institutional investors.
The Wolvertem, Belgium-based provider of heavy lifting and specialized transport equipment plans to use the proceeds to refinance debt, including its subordinated bonds due December 2016, as well as to repay its revolver and short-term borrowings, and for general corporate purposes.
The issuing entity is Sarens Finance Co., a wholly owned subsidiary of Sarens Bestuur.
The original €125 million issue priced at 100.625 in January 2015.
| Issuer: | Sarens Finance Co. NV (Sarens Bestuur NV)
|
| Amount: | €125 million
|
| Maturity: | Feb. 5, 2022
|
| Security description: | Add-on to 5 1/8% senior notes due Feb. 5, 2022
|
| Bookrunners: | ING, BNP Paribas, Degroof Petercam NV
|
| Coupon: | 5 1/8%
|
| Price: | 98.5
|
| Yield: | 5.525%
|
| Trade date: | Sept. 30
|
| Settlement date: | Oct. 7 with accrued interest
|
| Rating: | S&P: BB-
|
| Price talk: | 98.5 to 99.5
|
| Marketing: | Roadshow
|
| Original issue: | €125 million priced in January 2015 at 100.625
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
