By Paul A. Harris
Portland, Ore., April 22 – Oriflame Holding AG priced approximately $850 million equivalent of five-year senior secured notes (B1/B+/BB-) in two tranches on Thursday, according to a market source.
A $550 million tranche of fixed-rate notes priced at par to yield 5 1/8%, 12.5 basis points inside of the 5¼% to 5½% yield talk. Initial guidance was in the mid-5% area.
A €250 million tranche of floating-rate notes priced with a 425 bps spread to three-month Euribor. Spread talk was in the 450 bps area.
The deal was heard to be four-times oversubscribed across both tranches, the source said.
Goldman Sachs is leading the offering.
The Schaffhausen, Switzerland-based supplier of beauty and personal care products plans to use the proceeds plus approximately €100 million of available cash to redeem its outstanding €750 million equivalent senior secured notes due 2024.
| Issuer: | Oriflame Holding AG
|
| Tenor: | Five years
|
| Securities: | Senior secured notes
|
| Lead: | Goldman Sachs
|
| Trade date: | April 22
|
| Ratings: | Moody's: B1
|
| S&P: B+
|
| Fitch: BB-
|
| Marketing: | Roadshow
|
|
|
| Fixed-rate notes
|
| Amount: | $550 million
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield: | 5 1/8%
|
| Call protection: | Two years
|
| Price talk: | 5¼% to 5½%
|
|
|
| Floating-rate notes
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| Amount: | €250 million
|
| Coupon: | Three-month Euribor plus 425 bps
|
| Call protection: | One year
|
| Price talk: | Three-month Euribor plus 450 bps area
|
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