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France’s Elis launches €300 million five-year bullet notes at 4¼%
By Paul A. Harris
Portland, Ore., May 17 – Elis SA launched a €300 million offering of senior bullet notes due May 24, 2027 (expected ratings Ba2/BB+//DBRS: BBBL) to yield 4¼%, according to market sources.
The deal launched tighter than the 4 3/8% to 4½% guidance. Initial talk was in the 4 7/8% area.
The Regulation S offering was heard to be playing to €2.4 billion of orders.
Global coordinator Deutsche Bank will bill and deliver. The syndicate of banks also includes global coordinators Natixis and SG CIB, as well as Credit Agricole, Danske, HSBC and La Banque Postale.
The five-year notes come with a par call three months prior to maturity, but are otherwise non-callable.
The Saint-Cloud, France-based provider of work uniforms and related services plans to use the proceeds for general corporate purposes, including debt refinancing.
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