By Marisa Wong
Madison, Wis., July 2 - Essilor International SA said it carried out a $300 million U.S. private placement of notes with 18 investors.
The senior notes were issued in five fixed- or variable-rate tranches with maturities ranging from 2017 to 2023.
The senior notes have been issued to refinance a bank loan due in 2014. The issue will enable the company to extend the average maturity of its debt and broaden its investor base, according to a press release.
The company described the terms of the transaction as very favorable -a 3.4% coupon was offered on the 10-year tranche.
Initially announced as a $150 million transaction, the issue was more than seven times oversubscribed, the release noted.
Essilor is a Paris-based ophthalmic optics company.
| Issuer: | Essilor International SA
|
| Issue: | Senior notes
|
| Amount: | $300 million
|
| Maturities: | 2017 to 2023
|
| Coupons: | Fixed or variable
|
| Announcement date: | July 2
|
| Distribution: | Private placement
|
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