Published on 1/29/2019 in the Prospect News High Yield Daily and Prospect News Private Placement Daily.
New Issue: El Corte Ingles €90 million privately placed add-on notes now fungible with 3% notes
Portland, Ore., Jan. 29 – El Corte Ingles, SA announced in a Tuesday press release that a €90 million amount of add-on notes to its 3% senior notes due March 15, 2024, which came in a late December private placement, have become fungible with the €600 million of notes that were outstanding prior to the tap.
The placement priced and settled on Dec. 20, 2018.
BofA Merrill Lynch, Goldman Sachs International and UniCredit Bank AG were the placement agents.
The Madrid-based department store operator used the proceeds to repay debt.
| Issuer: | El Corte Ingles, SA
|
| Amount: | €90 million
|
| Maturity: | March 15, 2024
|
| Security description: | Add-on to 3% senior notes due March 15, 2024
|
| Placement agents: | BofA Merrill Lynch, Goldman Sachs International, UniCredit Bank AG
|
| Coupon: | 3%
|
| First call: | Make-whole call at Bunds plus 50 bps until Oct. 15, 2020, then callable at 103.5
|
| Equity clawback: | 40% at 103 until Oct. 15, 2020
|
| Trade date: | Dec. 20
|
| Settlement date: | Dec. 20
|
| Date of fungibility: | Jan. 29, 2019
|
| Distribution: | Private placement
|
| Original issue: | €600 million issue of 5.5-year senior notes (Ba1/BB+/BB+) at par
|
| Total issue size: | €690 million
|
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