New Issue: Spain's ENCE prices €250 million seven-year notes at par to yield 7¼%

By Paul A. Harris

Portland, Ore., Jan. 25 - ENCE Energia y Celulosa, SA priced a €250 million issue of seven-year senior secured notes (B1/BB/) at par to yield 7¼% on Friday, according to a market source.

The yield printed on top of yield talk.

Joint bookrunner Deutsche Bank will bill and deliver. BBVA, Banesto, Bankia, Barclays and Citigroup were also joint bookrunners.

The Madrid-based pulp producer and renewable energy generator plans to use the proceeds to repay debt.

Issuer:	ENCE Energia y Celulosa, SA
Amount:	€250 million
Maturity:	Feb. 15, 2020
Securities:	Senior secured notes
Bookrunners:	Deutsche Bank (bill and deliver), BBVA, Banesto, Bankia, Barclays, Citigroup
Co-managers:	Bankinter, Banc Sabadell
Coupon:	7¼%
Price:	Par
Yield:	7¼%
Spread:	618 bps
First call:	Feb. 15, 2016 at 105.438
Trade date:	Jan. 25
Settlement date:	Feb. 1
Ratings:	Moody's: B1
	Standard & Poor's: BB
Distribution:	Rule 144A and Regulation S
Price talk:	7¼% area
Marketing:	Roadshow

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