New Issue: France's Elior prices upsized €350 million seven-year notes at par to yield 6½%

By Paul A. Harris

Portland, Ore., April 18 - Elior Finance & Co. SCA priced an upsized €350 million issue of seven-year senior secured notes (confirmed B3/expected BB-/) at par to yield 6 ½% on Thursday, according to a market source.

The yield printed 12.5 basis points inside of price talk that was set in the 6¾% area.

Joint bookrunner JPMorgan will bill and deliver. Credit Agricole CIB, HSBC and Nomura were also joint bookrunners for the deal, which was upsized from €300 million.

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.

Issuer:	Elior Finance & Co. SCA
Amount:	€350 million, increased from €300 million
Maturity:	May 1, 2020
Securities:	Senior secured notes
Bookrunners:	JPMorgan (bill and deliver), Credit Agricole CIB, HSBC, Nomura
Coupon:	6½%
Price:	Par
Yield:	6½%
Call features:	Make-whole call at Bunds plus 50 bps until May 1, 2016, then callable at 104.875, 103.25, 101.625, par on and after May 1, 2019
Equity clawback:	35% at 106.50 until May 1, 2016
Investor put:	101% upon change of control
Trade date:	April 18
Settlement date:	April 25
Ratings:	Moody's: B3
	Standard & Poor's: BB-
Distribution:	Rule 144A and Regulation S for life
Price talk:	6¾% area
Marketing:	Roadshow

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