By Paul A. Harris
Portland, Ore., March 23 – Renault SA priced a €600 million issue of seven-year senior notes (expected ratings Ba2/BB+) at par to yield 2½% on Tuesday, according to market sources.
Early guidance had the deal coming to yield in the 2¾% area.
BBVA, Credit Agricole CIB, MUFG, Societe Generale and UniCredit were the joint lead managers.
Societe Generale will bill and deliver.
The Boulogne-Billancourt, France-based automotive manufacturer plans to use the proceeds for general corporate purposes.
| Issuer: | Renault SA
|
| Amount: | €600 million
|
| Maturity: | April 1, 2028
|
| Securities: | Senior notes
|
| Joint lead managers: | BBVA, Credit Agricole CIB, MUFG, Societe Generale and UniCredit
|
| Bill and deliver: | Societe Generale
|
| Coupon: | 2½%
|
| Price: | Par
|
| Yield: | 2½%
|
| Spread to Bunds: | 307 bps
|
| Call protection: | Make-whole call at Bunds plus 50 bps until three months prior to maturity, then callable at par, otherwise non-callable
|
| Trade date: | March 23
|
| Settlement date: | April 1
|
| Expected ratings: | Moody's: Ba2
|
| S&P: BB+
|
| Distribution: | Euro medium-term notes program
|
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