By Paul A. Harris
Portland, Ore., June 8 – Braas Monier Building Group SA priced a €435 million offering of five-year senior secured notes (Ba3/BB-) at par to yield 3% on Wednesday, according to a market source.
The yield printed at the tight end of yield talk in the 3 1/8% area.
Joint global coordinator and joint bookrunner BNP Paribas will bill and deliver. UniCredit was also a joint global coordinator and joint bookrunner.
The Luxembourg-based building materials supplier plans to use the proceeds, together with cash on its balance sheet and a draw on its revolver, to pay off its existing senior facilities agreement, redeem in full its outstanding senior secured floating-rate notes due 2020 and to fund certain hedging agreements.
| Issuer: | BMBG Bond Finance SCA (Braas Monier Building Group SA)
|
| Amount: | €435 million
|
| Maturity: | Five years
|
| Securities: | Senior secured notes
|
| Global coordinator/bookrunners: | BNP Paribas (bill and deliver), UniCredit
|
| Passive bookrunners: | Commerzbank, HSBC
|
| Coupon: | 3%
|
| Price: | Par
|
| Yield: | 3%
|
| Call protection: | Two years
|
| Trade date: | June 8
|
| Ratings: | Moody's: Ba3
|
| S&P: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 3 1/8% area
|
| Marketing: | Roadshow
|
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