Published on 10/23/2015 in the Prospect News High Yield Daily.
New Issue: Spain’s ENCE prices €250 million 5 3/8% seven-year notes at par
By Paul A. Harris
Portland, Ore., Oct. 23 – Madrid-based ENCE Energia y Celulosa, SA priced a €250 million issue of seven-year senior notes (Ba3/BB-) at par to yield 5 3/8% on Friday, according to a market source.
The yield printed at the tight end of yield talk in the 5½% area.
Global coordinator JPMorgan will bill and deliver.
BBVA, CaixaBank and Santander are active bookrunners.
Bankia, Citigroup, Sabadell and Bankinter are bookrunners.
The pulp producer plans to use the proceeds to redeem all of its 7¼% senior notes due 2020.
| Issuer: | ENCE Energia y Celulosa, SA
|
| Amount: | €250 million
|
| Maturity: | Nov. 1, 2022
|
| Securities: | Senior notes
|
| Global coordinator: | JPMorgan (bill and deliver)
|
| Active bookrunners: | BBVA, CaixaBank, Santander
|
| Bookrunners: | Bankia, Citigroup, Sabadell, Bankinter
|
| Coupon: | 5 3/8%
|
| Price: | Par
|
| Yield: | 5 3/8%
|
| Spread: | 536 bps
|
| Call: | Make-whole call at Bunds plus 50 bps until Nov. 1, 2018, then callable at 102.688
|
| Trade date: | Oct. 23
|
| Settlement date: | Oct. 30
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5½% area
|
| Marketing: | Roadshow
|
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