Renault launches upsized €1 billion 5.5-year bullet to yield 2 3/8%

By Paul A. Harris

Portland, Ore., Nov. 16 – French car-maker Renault SA launched an upsized €1 billion offering of 5.5-year senior bullet notes (expected ratings Ba2/BB+) to yield 2 3/8%, according to market sources.

The issue size increased from €750 million.

The yield is coming tight to the 2 3/8% to 2½% guidance. Initial talk was 2¾% to 2 7/8%.

BNP Paribas, Credit Agricole CIB, HSBC, Natixis and SG are running the books. SG will bill and deliver.

The Regulation S notes feature a make-whole call and become callable at par three months prior to maturity. They are otherwise non-callable.

The Boulogne-Billancourt, France-based company plans to use the proceeds for general corporate purposes.

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