New Issue: France’s Orano sells €750 million 3 3/8% seven-year notes to yield 3˝%

By Paul A. Harris

Portland, Ore., April 9 – Paris-based nuclear fuel processor and energy company Orano priced a €750 million issue of 3 3/8% seven-year senior notes (BB+) at 99.236 to yield 3˝% on Tuesday, according to a market source.

The deal played to €2 billion of orders, a company press release stated.

Joint bookrunner Santander will bill and deliver. BNP Paribas, CM-CIC, Goldman Sachs, HSBC, JPMorgan, Natixis and SG CIB were also joint bookrunners.

Proceeds will be used for general corporate purposes, including partial pre-financing of the 2019 bond and funding of a partial tender offer for the 2023 and 2024 bonds, which were originally issued by Areva SA, and then transferred to Orano as part of Areva’s restructuring.

Issuer:	Orano
Amount:	€750 million
Maturity:	April 23, 2026
Securities:	Senior notes
Bookrunners:	Santander (bill and deliver), BNP Paribas, CM-CIC, Goldman Sachs, HSBC, JPMorgan, Natixis and SG CIB
Coupon:	3 3/8%
Price:	99.236
Yield:	3˝%
Spread:	Mid-swaps plus 327.5 bps
Call protection:	Make-whole call at Bunds plus 50 bps until three months prior to maturity, then callable at par, otherwise non-callable
Trade date:	April 9
Settlement date:	April 23
Rating:	S&P: BB+
Distribution:	Regulation S and euro medium-term note program

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.