Amsterdam’s HEMA sets talk for €715 million three-part notes offering

By Paul A. Harris

Portland, Ore., June 10 – Netherlands-based retailer HEMA set price talk for its €715 million three-part offering of high-yield notes, a market source said on Wednesday.

The deal is coming in the form of two tranches of five-year senior secured notes (/B+/) from HEMA Bondco I BV.

A €290 million tranche of fixed-rate notes, which comes with two years call protection, is talked to yield in the 6˝% area. A €275 million tranche of floating-rate notes, which comes with one year of call protection, is talked at a 525 basis points to 550 bps spread to Euribor.

There is also a single €150 million tranche of 5.5-year senior unsecured notes (/B-/), with 2.5 years of call protection, to be issued via HEMA Bondco II BV. The unsecured notes are talked in the 8˝% area.

The roadshow was scheduled to wrap up Tuesday, and the deal was scheduled to price subsequently.

Global coordinator Credit Suisse will bill and deliver. ABN Amro, BNP Paribas, Citigroup, JPMorgan and Royal Bank of Scotland are the joint bookrunners.

The company, which is based in Amsterdam, plans to use the proceeds from the Rule 144A and Regulation S for life deal to refinance debt.

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