New Issue: Remy Cointreau upsizes seven-year notes to €175 million, yield 6½%

By Paul A. Harris

St. Louis, June 18 - Remy Cointreau SA priced an upsized €175 million of senior notes due July 1, 2011 (Ba2/BB) Wednesday at par to yield 6½%, according to a syndicate source.

Price talk had tightened to the 6½% area from 6 5/8%-6 7/8%. The deal was increased from €150 million.

Banc of America Securities and BNP Paribas were bookrunners on the Rule 144A/Regulation S deal. Natexis was co-manager.

Proceeds will be used to redeem €150 million of 10% senior notes due 2005.

The issuer is a liqueurs, spirits and champagne company.

Issuer:	Remy Cointreau SA
Amount:	€175 million (increased from €150 million)
Maturity:	July 1, 2011
Security description:	Senior notes
Bookrunners:	Banc of America Securities, BNP Paribas
Co-manager:	Natexis
Coupon:	6½%
Price:	Par
Yield:	6½%
Spread:	319 basis points
Call features:	Bunds plus 50 basis points make-whole call until July 1, 2007, then at 103.25, 101.625, par on July 1, 2009 and thereafter
Equity clawback:	Until July 1, 2006 for 35% at 106.5
Settlement date:	June 24, 2003 (T+4)
Ratings:	Moody's: Ba2
	Standard & Poor's BB
Price talk:	6½% area (tightened from 6 5/8%-6 7/8%)

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