Germany's ista sets price talk for €1 billion two-part note offering

By Paul A. Harris

Portland, Ore., May 8 - Germany's ista set price talk for its €1,025,000,000 two-part note offering, an informed source said on Wednesday.

The energy metering company is offering €500 million of seven-year secured notes (expected /B+/) at the holding company level via Trionista HoldCo GmbH. Those notes are talked at 5%.

Meanwhile, €525 million of eight-year unsecured notes (expected /B/) are offered at the operating company level via Trionista TopCo GmbH. Those notes are talked at 7%.

Both tranches of notes come with three years of call protection.

Deutsche Bank is the global coordinator. BofA Merrill Lynch, Goldman Sachs, JPMorgan, Nomura and UniCredit are the joint bookrunners.

Proceeds will be used to fund the leveraged buyout of the company by CVC Capital Partners.

The company is based in Essen, Germany.

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