By Paul A. Harris
Portland, Ore., Feb. 5 – Onorato Armatori SpA, the holding company for Italian ferry boat operator Moby SpA, priced a €300 million issue of seven-year senior secured notes (Ba2/expected BB-) at par to yield 7¾% on Friday, according to a market source.
The yield printed at the wide end of the 7½% to 7¾% yield talk.
Joint physical bookrunner Goldman Sachs International will bill and deliver. JPMorgan and UniCredit were also joint physical bookrunners.
Banca IMI, Banca Akros and Jefferies were joint bookrunners.
The Milan-based company plans to use the proceeds to refinance debt.
| Issuer: | Onorato Armatori SpA
|
| Amount: | €300 million
|
| Maturity: | Feb. 15, 2023
|
| Securities: | Senior secured notes
|
| Joint physical bookrunners: | Goldman Sachs International (bill and deliver), JPMorgan, UniCredit
|
| Joint bookrunners: | Banca IMI, Banca Akros, Jefferies
|
| Coupon: | 7¾%
|
| Price: | Par
|
| Yield: | 7¾%
|
| Spread: | 784 bps
|
| Trade date: | Feb. 5
|
| Settlement date: | Feb. 11
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: expected BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7½% to 7¾%
|
| Marketing: | Roadshow
|
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