By Paul A. Harris
Portland, Ore., Nov. 17 – French car-maker Renault SA priced an upsized €1 billion issue of 5.5-year senior bullet notes (expected ratings Ba2/BB+) at par to yield 2 3/8%, according to market sources.
The issue size increased from €750 million.
The yield printed at the tight end of the 2 3/8% to 2½% yield talk. 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 Boulogne-Billancourt, France-based company plans to use the proceeds for general corporate purposes.
| Issuer: | Renault SA
|
| Amount: | €1 billion
|
| Maturity: | May 25, 2026
|
| Securities: | Senior notes
|
| Joint lead managers: | BNP Paribas, Credit Agricole, HSBC, Natixis and SG
|
| Bill and deliver: | SG
|
| Coupon: | 2 3/8%
|
| Price: | Par
|
| Yield: | 2 3/8%
|
| Spread: | 311.2 bps
|
| Call protection: | Make-whole call at Bunds plus 50 bps until three months prior to maturity, then callable at par; otherwise non-callable
|
| Settlement date: | Nov. 25
|
| Expected ratings: | Moody's: Ba2
|
| S&P: BB+
|
| Distribution: | Regulation S
|
| Price talk: | 2 3/8% to 2½%
|
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