By Paul A. Harris
Portland, Ore., Jan. 31 – Emeria SASU priced a €400 million issue of five-year senior secured notes (B2) at par to yield 7¾% on Tuesday, according to market sources.
The yield printed at the tight end of the 7¾% to 8% yield talk.
Global coordinator and physical bookrunner Deutsche Bank will bill and deliver. BNP Paribas was also a global coordinator and physical bookrunner.
The France-based property management company plans to use the proceeds to fund cash to repay debt under its revolving credit facility.
Issuer: | Emeria SASU
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Amount: | €400 million
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Issue: | Senior secured notes
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Maturity: | 2028 (five year)
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Physical bookrunners: | Deutsche Bank (bill and deliver) and BNP Paribas
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Coupon: | 7¾%
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Price: | Par
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Yield: | 7¾%
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Spread: | 549 basis points
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Call protection: | Two years
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Trade date: | Jan. 31
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Rating: | Moody’s: B2
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Price talk: | 7¾% to 8%
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