Aryzta sells €386 million notes; Vasari Energy, Heritage Insurance, Allete plan placements

By Devika Patel

Knoxville, Tenn., Dec. 13 – Tuesday saw four private placements announced. A subsidiary of Aryzta AG completed a €386 million private placement of fixed- and floating-rate notes in euros and dollars, Allete, Inc. said it plans to sell $80 million of 3.11% 10-year senior notes, Heritage Insurance Holdings, Inc. agreed to sell $79.5 million of floating-rate senior secured notes due 2023, and Vasari Energy, Inc. negotiated a $5 million private placement of 7% preferred stock to finance solar power plants.

Aryzta subsidiary Aryzta Euro Finance DAC sold notes in a Schuldschein with maturities between three and seven years and a weighted average maturity of just over four years. The notes have an initial weighted average interest rate of 1.65%. Joint lead managers BNP Paribas Securities Corp., Helaba, HSBC Securities (USA) Inc. and Mizuho Securities USA Inc. assisted with the sale.

Heritage is selling its notes to funds managed by Fermat Capital Management, LLC and HSCM Bermuda Management Co. among others. The notes bear interest at Libor plus 875 basis points and will fund mergers and acquisitions, strategic investments and general corporate purposes.

Vasari is selling its 5 million preferreds at $1.00 apiece and will use the proceeds to acquire purchase rights and technical feasibility studies for potential solar power plant site locations. The company designs, develops and operates utility-scale electric power plants that produce clean energy.

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