New Issue: France’s SPIE prices €600 million 3 1/8% seven-year notes at par

By Paul A. Harris

Portland, Ore., March 15 – SPIE SA launched and priced a €600 million issue of seven-year senior notes (Ba3/BB) at par to yield 3 1/8% on Wednesday, according to a market source.

The yield printed at the tight end of guidance in the 3¼% area.

Global coordinator and joint bookrunner SG CIB will bill and deliver. HSBC and Natixis were also global coordinators and joint bookrunners. SG, HSBC, Natixis, BNP Paribas, Credit Agricole CIB and ING were joint bookrunners.

The Cergy-Pontoise, France-based engineering group plans to use the proceeds to finance the acquisition of Germany-based energy services provider SAG Group, as well as to refinance SAG debt and for general corporate purposes.

Issuer:	SPIE SA
Amount:	€600 million
Maturity:	March 22, 2024
Securities:	Senior notes
Global coordinators:	SG CIB (bill and deliver), HSBC, Natixis
Joint bookrunners:	SG, HSBC, Natixis, BNP Paribas, Credit Agricole CIB, ING
Coupon:	3 1/8%
Price:	Par
Yield:	3 1/8%
Spread:	322 bps over Bunds
Call protection:	Make-whole call at Bunds plus 50 bps until six months prior to maturity, then callable at par, otherwise non-callable
Trade date:	March 15
Settlement date:	March 22
Ratings:	Moody's: Ba3
	S&P: BB
Distribution:	Regulation S only
Price talk:	3¼% area
Marketing:	Roadshow

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