By Paul A. Harris
St. Louis, May 4 - Cognis GmbH priced €1.65 billion equivalent of dollar-denominated and euro-denominated six-year senior secured floating-rate notes and loans (B1/B) on Friday.
The four-tranche deal was transacted in tranches of €610 million and $293 million of notes and €610 million and $293 million loans.
All tranches were priced at par to yield 200 basis points spreads to Euribor and Libor, respectively.
The deal priced on top of price guidance.
Goldman Sachs & Co. and JP Morgan were the underwriters.
Proceeds will be used to repay existing debt.
Cognis is a Dusseldorf, Germany-based specialty chemical company.
| Issuer: | Cognis GmbH
|
| Amount: | €1.65 billion equivalent
|
| Maturity: | Sept. 15, 2013
|
| Security description: | Senior secured floating-rate notes and loans
|
| Bookrunners: | Goldman Sachs & Co., JP Morgan
|
| Call protection: | 18 months
|
| Trade date: | May 4
|
| Settlement date: | May 16
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B
|
| Price talk: | 200 bps spreads to Euribor and Libor
|
|
|
| Euro-denominated notes
|
| Amount: | €610 million
|
| Coupon: | Euribor plus 200 bps
|
| Price: | Par
|
| Yield: | Euribor plus 200 bps
|
|
|
| Dollar-denominated notes
|
| Amount: | $293 million
|
| Coupon: | Libor plus 200 bps
|
| Price: | Par
|
| Yield: | Libor plus 200 bps
|
|
|
| Euro-denominated loans
|
| Amount: | €610 million
|
| Coupon: | Euribor plus 200 bps
|
| Price: | Par
|
| Yield: | Euribor plus 200 bps
|
|
|
| Dollar-denominated loans
|
| Amount: | $293 million
|
| Coupon: | Libor plus 200 bps
|
| Price: | Par
|
| Yield: | Libor plus 200 bps
|
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