French retailer BUT plans roadshow for €170 million five-year notes

Paul A. Harris

Portland, Ore., June 16 – French home equipment retailer BUT SAS plans to start a roadshow on Tuesday for a €170 million offering of five-year senior secured notes (/B/), according to a market source.

The roadshow wraps up on Friday, and the deal is set to price thereafter.

Bookrunner Goldman Sachs International will bill and deliver for the Rule 144A and Regulation S offering. Barclays is the lead manager.

The notes come with two years of call protection.

The Emerainville, France-based company plans to use the proceeds to repay its mezzanine facility, as well as to repay a shareholder loan, and to finance a reduction of the share capital of its parent guarantor.

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