By Paul A. Harris
Portland, Ore., Feb. 19 - Darty Financements SAS priced a €250 million issue of seven-year senior notes (/BB-/) at par to yield 5 7/8% on Wednesday, according to a market source.
The yield printed at the tight end of the 5 7/8% to 6% yield talk, which had been revised tighter from earlier talk of 6% to 6¼%.
Global coordinator and joint bookrunner BNP Paribas Securities Corp. will bill and deliver. Credit Agricole CIB and HSBC Securities were also global coordinators and joint bookrunners.
Barclays, Natixis Securities and SG CIB were bookrunners.
Proceeds, along with borrowings under a new credit facility, will be used to repay Darty's existing €455 million revolver.
Darty Finanancements is a wholly owned subsidiary of Darty plc, a London-based electronics retailer formerly known as Kesa Electricals plc, which operates 400 stores in France, the Netherlands, Belgium, the Czech Republic, Slovakia and Turkey.
| Issuer: | Darty Finance SAS
|
| Amount: | €250 million
|
| Maturity: | March 1, 2021
|
| Securities: | Senior notes
|
| Global coordinators: | BNP Paribas Securities Corp., (bill and deliver), Credit Agricole CIB, HSBC Securities
|
| Bookrunners: | Barclays, Natixis Securities, SG CIB
|
| Coupon: | 5 7/8%
|
| Price: | Par
|
| Yield: | 5 7/8%
|
| Spread: | 487 bps
|
| First call: | March 1, 2017 at 102.938
|
| Equity clawback: | 35% at 105.875 until March 1, 2017
|
| Change-of-control put: | 101%
|
| Trade date: | Feb. 19
|
| Settlement date: | Feb. 28
|
| Rating: | Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5 7/8% to 6%, revised from 6% to 6¼%
|
| Marketing: | Roadshow
|
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