By Paul A. Harris
Portland, Ore., Oct. 17 – German “do-it-yourself” retail operator Hornbach-Baumarkt AG priced a €250 million issue of 3¼% seven-year fixed-rate notes (Ba2/BB) at 99.232 to yield 3 3/8%, market sources said.
The yield printed at the tight end of the 3 3/8% to 3½% talk.
The deal was heard to be playing to orders in excess of €800 million.
Commerzbank AG, HSBC Bank plc and UniCredit Bank AG managed the sale. UniCredit will bill and deliver.
The company is based in Bornheim, Germany.
| Issuer: | Hornbach-Baurmarkt AG
|
| Amount: | €250 million
|
| Maturity: | Oct. 25, 2026
|
| Securities: | Fixed-rate notes
|
| Bookrunners: | Commerzbank AG, HSBC Bank plc and UniCredit Bank AG
|
| Bill and deliver: | UniCredit
|
| Coupon: | 3¼%
|
| Price: | 99.232
|
| Yield: | 3 3/8%
|
| Trade date: | Oct. 17
|
| Ratings: | Moody's: Ba2
|
| S&P: BB
|
| Price talk: | 3 3/8% to 3½%
|
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