By Paul A. Harris
St. Louis, Feb. 23 - Esselte Group Holdings AB priced an upsized €150 million of seven-year senior notes (B3/B) Monday at par to yield 7 5/8%, a market source said.
Credit Suisse First Boston ran the books on the Rule 144A/Regulation S offering, which has no registration rights. UBS Investment Bank was joint lead manager.
The notes are guaranteed on a senior subordinated basis by the operating company.
Proceeds will be used to repay mezzanine debt and bank debt.
The issuer is a Stamford, Conn.-based office supply company.
| Issuer: | Esselte Group Holdings AB
|
| Amount: | €150 million (increased from €130 million)
|
| Maturity: | March 15, 2011
|
| Security description: | Senior notes
|
| Bookrunners: | Credit Suisse First Boston (books), UBS Investment Bank (joint lead)
|
| Coupon: | 7 5/8%
|
| Price: | Par
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| Yield: | 7 5/8%
|
| Spread: | 394 basis points
|
| Call protection: | Non-callable for three years
|
| Pricing date: | Feb. 23
|
| Settlement date: | March 2
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B
|
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