By Paul A. Harris
Portland, Ore., June 13 – In a quick turnaround, Netherlands-based retailer HEMA returned to the primary market on Thursday to price an €85 million issue of non-rated six-year PIK toggle notes at par to yield 11¼%, according to market sources.
The cash coupon is 11¼%. The PIK coupon is 12%
The cash yield priced inside of the 11½% to 12% yield guidance.
Credit Suisse managed the sale.
The Amsterdam-based retailer plans to use the proceeds to repay bank debt of its parent, Dutch Lion BV.
Earlier in the week HEMA priced €715 million of notes in three tranches in a debt refinancing deal.
| Issuer: | Dutch Lion BV (HEMA)
|
| Amount: | €85 million
|
| Maturity: | June 15, 2020
|
| Securities: | Senior PIK toggle notes
|
| Lead manager: | Credit Suisse
|
| Cash coupon: | 11¼%
|
| PIK coupon: | 12%
|
| Price: | Par
|
| Cash yield: | 11¼%
|
| Call protection: | 1.5 years
|
| Trade date: | June 12
|
| Settlement date: | June 17
|
| Rating: | Non-rated
|
| Distribution: | Rule 144A for life
|
| Price talk: | 11½% to 12%
|
| Marketing: | Quick to market
|
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