By Paul A. Harris
Portland, Ore., May 17 – Elis SA priced a €300 million issue of 4 1/8% five-year senior bullet notes (expected ratings Ba2/BB+//DBRS: BBBL) at 99.447 to yield 4¼% on Tuesday, according to market sources.
The yield printed tighter than the 4 3/8% to 4½% yield talk. Initial guidance was in the 4 7/8% area.
The deal was heard to be playing to €3.3 billion of orders at the close of books, and the new Elis 4 1/8% notes due May 2027 broke to 99¾ bid, 100.65 offered, a source said.
Global coordinator Deutsche Bank will bill and deliver. Natixis and SG CIB were also global coordinators. Credit Agricole, Danske and HSBC were bookrunners, and La Banque Postale was a passive bookrunner.
The Saint-Cloud, France-based provider of work uniforms and related services plans to use the proceeds for general corporate purposes, including debt refinancing.
| Issuer: | Elis SA
|
| Amount: | €300 million
|
| Issue: | Senior notes
|
| Maturity: | May 24, 2027
|
| Global coordinators: | Deutsche Bank (bill and deliver), Natixis and SG CIB
|
| Bookrunners: | Credit Agricole, Danske and HSBC
|
| Passive bookrunner: | La Banque Postale
|
| Coupon: | 4 1/8%
|
| Price: | 99.447
|
| Yield: | 4¼%
|
| Call protection: | Par call three months prior to maturity, otherwise non-callable
|
| Trade date: | May 17
|
| Settlement date: | May 24
|
| Expected ratings: | Moody's: Ba2
|
| S&P: BB+
|
| DBRS: BBBL
|
| Distribution: | Regulation S
|
| Price talk: | 4 3/8% to 4½%
|
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