Orano guides €500 million 7.5-year notes at mid-swaps plus 360 bps; pricing Tuesday

By Paul A. Harris

Portland, Ore., Sept. 1 – France-based nuclear fuel cycle company Orano intends to make a €500 million placement of senior notes due March 8, 2028 (expected BB+), according to a market source.

Initial price talk has the deal coming at a 360 basis points spread to mid-swaps.

The deal is set to price on Tuesday.

The issue size will not grow.

Active bookrunner Santander will bill and deliver. Bank of China, Bank of Montreal, BNP Paribas, Credit Agricole CIB, Goldman Sachs, HSBC and JPMorgan are also active bookrunners.

Call protection for the Regulation S 7.5-year notes includes a make-whole call and a par call three months prior to maturity. There is also a clean-up call at 80%.

The company, which is based in Chatillon, Hauts-de-Seine, France, plans to use the proceeds for general corporate purposes and debt refinancing.

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