By Paul A. Harris
Portland, Ore., Feb. 7 - Germany-based do-it-yourself retailer Hornbach-Baumarkt AG priced a €250 million issue of 3 7/8% seven-year senior notes (expected ratings Ba2/BB+) at 99.25 to yield 4% on Thursday, according to market sources.
The deal played to an order book of €800 million, allowing the issuer to print the notes at the tight end of the 4% to 4¼% yield talk, according to a market source in Europe.
Earlier guidance had the deal yielding in the 4½% area.
Joint bookrunner UniCredit will bill and deliver. Commerzbank and HSBC were also joint bookrunners.
Proceeds will be used to refinance the company's 6 1/8% notes due 2014.
| Issuer: | Hornbach-Baumarkt AG
|
| Amount: | €250 million
|
| Maturity: | Feb. 15, 2020
|
| Securities: | Senior notes
|
| Bookrunners: | UniCredit (bill and deliver), Commerzbank, HSBC
|
| Coupon: | 3 7/8%
|
| Price: | 99.25
|
| Yield: | 4%
|
| Spread: | 300.5 bps
|
| Trade date: | Feb. 7
|
| Settlement date: | Feb. 15
|
| Expected ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Distribution: | Regulation S only
|
| Price talk: | 4% to 4¼% (prior guidance was 4½% area)
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
