By Paul A. Harris
Portland, Ore., May 17 – Barry Callebaut AG price an upsized €450 million issue of 2 3/8% eight-year senior notes (Ba1/BB+) at 99.104 to yield 2½% on Tuesday, according to a market source.
The deal size was increased from €350 million.
The yield came 12.5 basis points inside of price talk in the 2¾% area.
Joint lead manager and active bookrunner ING will bill and deliver. Credit Suisse, Rabobank and SG CIB are also joint lead managers and active bookrunners.
The Zurich-based chocolate-maker plans to use the proceeds to repay debt and for general corporate purposes.
| Issuer: | Barry Callebaut AG
|
| Amount: | €450 million, increased from €350 million
|
| Maturity: | May 24, 2024
|
| Securities: | Senior notes
|
| Bookrunners: | ING (bill and deliver), Credit Suisse, Rabobank, SG CIB
|
| Coupon: | 2 3/8%
|
| Price: | 99.104
|
| Yield: | 2½%
|
| Trade date: | May 17
|
| Settlement date: | May 24
|
| Ratings: | Moody's: Ba1
|
| S&P: BB+
|
| Distribution: | Regulation S only
|
| Price talk: | 2¾%
|
| Marketing: | Roadshow
|
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