New Issue: Afflelou prices €425 million six-year secured notes in two tranches

By Paul A. Harris

Portland, Ore., Oct. 6 – France-based optical and eyewear products and services provider Afflelou priced €425 million of six-year senior secured notes (B3/B/B+) in two tranches, according to a market source.

It included €250 million of fixed-rate notes that priced at par to yield 4%, and €175 million of Euribor plus 412.5 basis points notes that also priced at par.

Global coordinator JPMorgan will bill and deliver. BNP Paribas, Credit Agricole CIB and UniCredit are the joint bookrunners.

Proceeds will be used to redeem the Afflelou senior secured notes due 2019 and the Lion/Seneca France 2 senior notes due 2019.

Company:	Afflelou
Amount:	€425 million
Maturity:	Oct. 1, 2023
Securities:	Senior secured notes
Global coordinator:	J.P. Morgan Securities plc (bill and deliver)
Bookrunners:	BNP Paribas, Credit Agricole CIB, UniCredit Bank
Trade date:	Oct. 6
Settlement date:	Oct. 17
Ratings:	Moody's: B3
	S&P: B
	Fitch: B+
Distribution:	Rule 144A and Regulation S for life
Marketing:	Roadshow
Fixed-rate notes
Issuer:	3 AB Optique Developpement
Amount:	€250 million
Coupon:	4%
Price:	Par
Yield:	4%
Spread:	415 bps
First call:	Make-whole call at Bunds plus 50 bps until April 1, 2020, then callable at 102
Equity clawback:	40% at 104 until April 1, 2020
Floating-rate notes
Issuer:	3 AB Optique Developpement
Amount:	€175 million
Coupon:	Euribor plus 412.5 bps
Price:	Par
Yield:	Euribor plus 412.5 bps
First call:	Make-whole call at Bunds plus 50 bps until Oct. 1, 2018, then callable at 101

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