By Paul A. Harris
St. Louis, Jan. 5 - Remy Cointreau SA priced an upsized €200 million of seven-year senior notes (Ba2/BB-) at par on Wednesday to yield 5.2%, according to an informed source.
Price talk was the 5 3/8% area.
Banc of America Securities LLC and BNP Paribas ran the books for the Rule 144A/Regulation S with no registration rights issue.
Proceeds will be used to repay bank debt.
The issue was upsized from €150 million.
The issuer is a Paris-based distilled spirits maker.
| Issuer: | Remy Cointreau SA
|
| Amount: | €200 million (increased from €150 million)
|
| Maturity: | Jan. 15, 2012
|
| Security description: | Senior notes
|
| Bookrunners: | Banc of America Securities LLC, BNP Paribas
|
| Coupon: | 5.2%
|
| Price: | Par
|
| Yield: | 5.2%
|
| Spread: | 186 basis points
|
| Call features: | Callable after Jan. 15, 2009 at 102.60, 101.30, par on and after Jan. 15, 2011
|
| Equity clawback: | Until Jan. 15, 2008 for 35% at 105.20
|
| Pricing date: | Jan. 5
|
| Settlement date: | Jan. 12
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB-
|
| Price talk: | 5 3/8% area
|
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