By Paul A. Harris
Portland, Ore., Nov. 7 – Intertrust Group BV priced a €500 million issue of seven-year senior notes (Ba2/BB+) at par to yield 3 3/8% on Wednesday, according to market sources.
The yield printed at the tight end of yield talk in the 3½% area.
The deal was heard to be well oversubscribed, an investor said.
Joint global coordinator Deutsche Bank will bill and deliver. Goldman Sachs International was also a joint global coordinator. ABN Amro, HSBC and ING are joint bookrunners.
The Netherlands-based financial services company plans to use the proceeds, together with cash on hand and new bank debt, to repay existing bank debt.
| Issuer: | Intertrust Group BV
|
| Amount: | €500 million
|
| Tenor: | Seven years
|
| Securities: | Senior notes
|
| Joint global coordinators: | Deutsche Bank (bill and deliver), Goldman Sachs International
|
| Bookrunners: | ABN Amro, HSBC, ING
|
| Co-managers: | Mizuho, MUFG, NatWest, SMBC Nikko
|
| Coupon: | 3 3/8%
|
| Price: | Par
|
| Yield: | 3 3/8%
|
| Call protection: | Three years
|
| Trade date: | Nov. 7
|
| Settlement date: | Nov. 14
|
| Ratings: | Moody's: Ba2
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 3½% area
|
| Marketing: | Roadshow
|
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