By Paul A. Harris
Portland, Ore., Sept. 28 - Croatia's Agrokor d.d. priced a $300 million tranche and an upsized €325 million tranche of senior notes due January 2020 (expected ratings B2/B) on Friday, according to a market source.
The dollar-denominated tranche priced at par to yield 8 7/8%, at the tight end of price talk set in the 9% area.
The euro-denominated tranche, which was upsized from €250 million, priced at par to yield 9 1/8%, at the tight end of price talk set in the 9¼% area.
JPMorgan will bill and deliver for the dollar-denominated notes. BNP Paribas will bill and deliver for the euro-denominated notes.
BNP, JPMorgan and UniCredit were the joint bookrunners.
The Zagreb, Croatia-based consumer food products company plans to use the proceeds to refinance debt.
| Issuer: | Agrokor d.d.
|
| Maturity: | January 2020
|
| Securities: | Senior notes
|
| Bill and deliver: | JPMorgan for the dollar-denominated notes, BNP Paribas for the euro-denominated notes
|
| Bookrunners: | JPMorgan, BNP Paribas, UniCredit
|
| Co-managers: | Erste, Intesa, RBI, SG CIB
|
| Call protection: | Three years
|
| Trade date: | Sept. 28
|
| Expected ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Dollar-denominated notes
|
| Amount: | $300 million
|
| Coupon: | 8 7/8%
|
| Price: | Par
|
| Yield: | 8 7/8%
|
| Price talk: | 9% area
|
|
|
| Euro-denominated notes
|
| Amount: | €325 million, increased from €250 million
|
| Coupon: | 9 1/8%
|
| Price: | Par
|
| Yield: | 9 1/8%
|
| Price talk: | 9¼% area
|
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