By Paul A. Harris
Portland, Ore., Nov. 14 – B&M European Value Retail SA (B&M Retail) priced a £250 million issue of seven-year senior secured notes (Ba1/BB+) at par to yield 8 1/8% on Tuesday, according to market sources.
The yield printed at the tight end of yield talk in the 8¼% area. Initial guidance was in the mid-8% area.
Physical bookrunners HSBC and BNP Paribas were global coordinators along with BofA. Joint bookrunners were Lloyds, NatWest, Rabobank and Bank of Ireland.
The British multinational variety store chain with headquarters in Luxembourg plans to use the proceeds to purchase up to £250 million of its outstanding £400 million 3 5/8% senior secured notes due 2025 via a tender offer.
| Issuer: | B&M European Value Retail SA
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| Amount: | £250 million
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| Issue: | Senior secured notes
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| Maturity: | Nov. 15, 2030
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| Physical bookrunners: | HSBC (bill and deliver) and BNP Paribas
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| Global coordinators: | HSBC, BNP Paribas and BofA
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| Joint bookrunners: | Lloyds, NatWest, Rabobank and Bank of Ireland
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| Coupon: | 8 1/8%
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| Price: | Par
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| Yield: | 8 1/8%
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| Spread: | 408 bps
|
| First call: | Nov. 15, 2026 at 104.063
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| Trade date: | Nov. 14
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| Settlement date: | Nov. 23
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| Ratings: | Moody’s: Ba1
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| S&P: BB+
|
| Distribution: | Regulation S
|
| Price talk: | 8¼% area
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