By Paul A. Harris
Portland, Ore., March 25 - Italian food service vendor IVS Group SA priced a €50 million add-on to its 7 1/8% senior secured notes due April 1, 2020 (/BB-/) at 106 to yield 5.923% in a quick-to-market transaction on Tuesday, market sources say.
The reoffer price came on top of price talk.
BNP Paribas Securities ran the books.
IVS, which operates in Italy and is based in Luxembourg, plans to use the proceeds for general corporate purposes, including acquisitions.
| Issuer: | IVS Group SA
|
| Face amount: | €50 million
|
| Proceeds: | €53 million
|
| Maturity: | April 1, 2020
|
| Security description: | Add-on to 7 1/8% senior secured notes due April 2020
|
| Bookrunner: | BNP Paribas Securities
|
| Coupon: | 7 1/8%
|
| Price: | 106
|
| Yield: | 5.923%
|
| Spread: | 517.2 bps
|
| Price talk: | 106
|
| Trade date: | March 25
|
| Settlement date: | March 28 with accrued interest
|
| Rating: | Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Quick to market
|
| Original issue: | €200 million priced at par in March 2013
|
| Fungibility: | Add-on notes will be immediately fungible with the original notes
|
| Total issue size: | €250 million
|
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