By Paul A. Harris
Portland, Ore., Feb. 14 - Italy's Italcementi Finance SA priced a €350 million issue of 6 1/8% five-year senior notes (Ba2/BB+) at 99.477 to yield 6¼% on Thursday, according to a market source.
The yield printed at the tight end of yield talk that had been set in the 6 3/8% area. Initial yield conversations, however, took place in the high 6% range, market sources said.
Banca IMI, BNP Paribas, Credit Agricole CIB, Natixis and UniCredit were the bookrunners.
UniCredit will bill and deliver.
The Bergamo, Italy-based cement company plans to use the proceeds to refinance debt.
| Issuer: | Italcementi Finance SA
|
| Amount: | €350 million
|
| Maturity: | Feb. 21, 2018
|
| Securities: | Senior notes
|
| Bookrunners: | Banca IMI, BNP Paribas, Credit Agricole CIB, Natixis, UniCredit
|
| Bill and deliver: | UniCredit
|
| Coupon: | 6 1/8%
|
| Price: | 99.477
|
| Yield: | 6¼%
|
| Spread: | Mid-swaps plus 515.5 bps
|
| Call protection: | Non-callable
|
| Trade date: | Feb. 14
|
| Settlement date: | Feb. 21
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB+
|
| Distribution: | Regulation S
|
| Price talk: | 6 3/8% area
|
| Marketing: | Quick-to-market, following a non-deal roadshow
|
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