By Paul A. Harris
Portland, Ore., May 14 – Lutech SpA, an Italian information technology services provider, priced €275 million of Libra GroupCo SpA six-year senior secured notes (B2/B) at par to yield 5% on Friday, according to market sources.
The yield came tight to final yield talk in the 5 1/8% area, which was revised from earlier official talk in the 5¼% area.
The deal was par ½ bid, 101 offered in Friday trading, a source said.
Joint global coordinator and joint physical bookrunner BNP Paribas will bill and deliver. Deutsche Bank was also a joint global coordinator and joint physical bookrunner. Joint bookrunners were IMI - Intesa San Paolo, NatWest Markets, Nomura and UniCredit.
Proceeds will be used to finance the acquisition of the Milan-based company by Libra HoldCo Sarl, as well as to pay off Lutech’s debt, and for general corporate purposes, including acquisitions.
| Issuer: | Lutech SpA
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| Amount: | €275 million
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| Tenor: | Six years
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| Securities: | Senior secured notes
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| Joint global coordinators: | BNP Paribas (bill and deliver) and Deutsche Bank
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| Physical bookrunners: | BNP Paribas and Deutsche Bank
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| Joint bookrunners: | IMI - Intesa San Paolo, NatWest Markets, Nomura and UniCredit
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| Coupon: | 5%
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| Price: | Par
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| Yield: | 5%
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| Call protection: | Two years
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| Trade date: | May 14
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| Ratings: | Moody's: B2
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| S&P: B
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 5 1/8% area, revised from 5¼% area
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