Published on 4/2/2019 in the Prospect News High Yield Daily.
New Issue: France's Elis prices €500 million five-year notes at par to yield 1¾%
By Paul A. Harris
Portland, Ore., April 2 – France-based Elis SA priced a €500 million issue of five-year senior notes (BB+/BB) at par to yield 1¾% on Tuesday, according to market sources.
The yield printed 12.5 basis points below the tight end of the 1 7/8% to 2% yield talk.
The deal was heard to be playing to €3 billion of orders, a source said.
Global coordinator HSBC will bill and deliver. BNP Paribas and ING were also global coordinators.
The Saint-Cloud, France-based provider of work uniforms and related services plans to use the proceeds to refinance part of the €800 million 3% notes due 2022 that are outstanding.
Issuer: | Elis SA
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Amount: | €500 million
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Maturity: | April 11, 2024
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Securities: | Senior notes
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Global coordinators: | HSBC (bill and deliver), BNP Paribas, ING
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Active bookrunners: | Credit Agricole CIB, Deutsche Bank, SG CIB
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Passive bookrunners: | BBVA, Danske Bank, MUFG, Natixis
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Coupon: | 1¾%
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Price: | Par
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Yield: | 1¾%
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Spread: | Mid-swaps plus 173.3 bps
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Trade date: | April 2
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Settlement date: | April 11
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Ratings: | S&P: BB+
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| Fitch: BB
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Distribution: | Regulation S
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Price talk: | 1 7/8% to 2%
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Marketing: | Quick-to-market
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