By Lisa Kerner
Charlotte, N.C., June 20 - Neopost SA announced the completion of a private placement of $175 million of senior debt in the United States with various insurance companies.
The issue consisted of a number of tranches with maturities of between four and 10 years with fixed annual interest rates of between 3.17% and 4.5%, according to a company news release.
Bank of America Merrill Lynch and HSBC acted as agents.
Neopost said the placement marks the successful start to the refinancing of its private placement with Credit Agricole, which matures in December 2012, and the multi-currency revolving syndicated credit facility maturing in June 2013.
The company said its net debt of €665 million at Jan. 31 is intended to finance equipment placed with its clients and is more than covered by future cash flow from leasing and rental activities.
Paris-based Neopost is a manufacturer of postage meters and mailroom equipment.
| Issuer: | Neopost SA
|
| Issue: | Senior debt
|
| Amount: | $175 million
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| Maturities: | Four to 10 years
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| Coupons: | 3.17% to 4.5%
|
| Agents: | Bank of America Merrill Lynch and HSBC
|
| Distribution: | Private placement
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