By Paul A. Harris
Portland, Ore., Oct. 18 – Evoca SpA priced a €550 million issue of seven-year senior secured floating-rate notes (B2/B) at par with a coupon of Euribor plus 425 basis points on Friday, according to a market source.
The spread came 12.5 bps tighter than spread talk in the Euribor plus 450 basis points area. The issue price came on top of price talk.
Global coordinator Goldman Sachs International will bill and deliver. Deutsche Bank was also a global coordinator. Additional joint bookrunners were Banca IMI, BofA Securities, Credit Agricole and JPMorgan.
The Bergamo, Italy-based manufacturer of food and drink vending machines plans to use the proceeds to repay debt.
| Issuer: | Evoca SpA
|
| Amount: | €550 million
|
| Maturity: | Nov. 1, 2026
|
| Securities: | Senior secured floating-rate notes
|
| Global coordinators: | Goldman Sachs International (bill and deliver) and Deutsche Bank
|
| Joint bookrunners: | Banca IMI, BofA, Credit Agricole and JPMorgan
|
| Coupon: | Euribor plus 425 bps
|
| Price: | Par
|
| Call protection: | One year
|
| Trade date: | Oct. 18
|
| Settlement date: | Oct. 25
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Euribor plus 450 bps area
|
| Marketing: | Roadshow
|
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