By Andrea Heisinger
Omaha, July 5 - Barry Callebaut Services NV priced €350 million in 10-year senior fixed-rate notes (Ba1/BB+) to yield Treasuries plus 125 basis points.
The 6% notes came at a dollar price of 99.005 to yield 6.136% on Wednesday, according to an informed source.
There was no official price talk prior to the deal for the Zurich-based cocoa and chocolate company.
The notes pay a coupon of 6% and are non-callable. They carry a coupon step of 25 basis points per rating agency notch, capped at a maximum increase of 100 bps.
Goldman Sachs & Co., ABN Amro and BNP Paribas were joint bookrunners for the Regulation S issuance.
Proceeds will be used to repay the drawn portion of its revolving credit facility and for general corporate purposes, according to a press release from the company.
Issuer: Barry Callebaut Services NV
| Security description: | Senior fixed rate notes
|
| Amount: | €350 million
|
| Maturity: | July 2017
|
| Coupon: | 6%
|
| Price: | 99.005
|
| Yield: | 6.136%
|
| Spread: | 125 bps
|
| Call features: | Non-callable
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Bookrunners: | Goldman Sachs & Co. (left), ABN Amro, BNP Paribas
|
| Trade date: | July 4
|
| Distribution: | Regulation S
|
| Price talk: | None
|
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