Published on 3/24/2017 in the Prospect News High Yield Daily.
New Issue: NH Hotel prices €115 million add-on to 3¾% notes due 2023 at 103.375 to yield 2.942%
By Paul A. Harris
Portland, Ore., March 24 – NH Hotel Group, SA priced in a €115 million add-on to its 3¾% senior secured notes due Oct. 1, 2023 at 103.375 on Friday, according to a market source.
The reoffer price renders a 2.942% yield to worst and a 3.171% yield to maturity.
Deutsche Bank AG, London Branch managed the sale.
The Madrid-based hotel chain plans to use the proceeds, plus cash on hand, to refinance €150 million of its 6 7/8% senior secured notes due 2019.
| Issuer: | NH Hotel Group, SA
|
| Amount: | €115 million
|
| Maturity: | Oct. 1, 2023
|
| Security description: | Add-on to 3¾% senior secured notes due Oct. 1, 2023
|
| Manager: | Deutsche Bank
|
| Coupon: | 3¾%
|
| Price: | 103.375
|
| Yield to worst: | 2.942%
|
| Yield to maturity: | 3.171%
|
| Spread: | 332 bps
|
| First call: | Oct. 1, 2019 at 101.875
|
| Trade date: | March 24
|
| Settlement date: | April 4
|
| Marketing: | Roadshow
|
| Original issue: | €285 million priced at par on Sept. 23, 2016
|
| Total issue size: | €400 million
|
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