Elior talks upsized €350 million seven-year notes at 6¾% area yield

By Paul A. Harris

Portland, Ore., April 17 - France's Elior Finance & Co. SCA upsized its offering of seven-year senior secured notes (expected ratings B3/BB-) to €350 million from €300 million and talked the notes to yield in the 6¾% area, a market source said on Wednesday.

Books close at 5 a.m. ET on Thursday, 10 a.m. BST, and the deal is set to price thereafter.

Joint bookrunner JPMorgan will bill and deliver. Credit Agricole CIB, HSBC and Nomura are also joint bookrunners.

The Rule 144A and Regulation S for life notes come with three years of call protection.

The Paris-based contracted food and support services company plans to use the proceeds to repay debt. The additional proceeds, resulting from the upsizing of the bond deal, will be used to repay bank debt.

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