Granite Bidco/Inetum pulls struggling €300 million notes offering, shifts proceeds to bank loan

By Paul A. Harris

Portland, Ore., Sept. 23 – Granite Bidco SAS/Inetum SA withdrew its €300 million offering of six-year senior secured notes (B2/B) from the market on Friday, shifting the proceeds to a term loan, according to a London-based debt capital markets banker.

The bond deal, which initially came sized at up to €350 million, was pulled after yield talk gapped to 10¼% to 10½%, up from early guidance of 9% to 10%, sources said.

With the shift of proceeds, the term loan size increased to €600 million. Prior to that it had been in the market with a target size of €300 million to €400 million.

The loan and the withdrawn notes are part of the financing for the buyout of the Paris-based IT company, formerly known as Gfi Informatique, by Bain Capital in an acquisition deal struck last January.

BNP Paribas, Credit Suisse, Credit Agricole, Goldman Sachs, SG and UniCredit were managing the notes offering.

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