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BUT/Mobilux talks €500 million seven-year secured notes at 4¼%-4½%
By Paul A. Harris
Portland, Ore., June 23 – French retailer BUT SAS talked its €500 million offering of seven-year senior secured notes (B3//B) to yield 4¼% to 4½%, tight to initial guidance in the mid-to-high 4% area, according to a market source.
The deal, which is being led by global coordinator and physical bookrunner BNP Paribas, is expected to price on Wednesday.
The notes come with three years of call protection.
The issuing entity will be holding company Mobilux Finance SAS.
The notes will be guaranteed by parent Mobilux 2 SAS, Mobilux Acquisition SAS, Decomeubles Partners SAS, BUT SAS, BUT International SAS and Cogesem SAS.
Proceeds will be used primarily to redeem the company’s €380 million 5½% senior secured notes due 2024 and to make a distribution to Mobilux 2 shareholders.
Mobilux acquired the Emerainville, France-based furniture retailer in November 2016.
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