By Paul A. Harris
Portland, Ore., Feb. 25 - Renault SA priced a €500 million issue of 3 1/8% seven-year senior notes (Ba1/BB+/) at a 175 basis points spread to mid-swaps on Tuesday, according to a market source.
The spread came at the tight end of the 175 bps to 180 bps spread talk.
The deal played to €6.2 billion of orders.
The notes sold at a reoffer price of 99.653 to yield 3.181%.
Credit Agricole CIB, Commerzbank, HSBC and SG CIB were the joint bookrunners.
HSBC will bill and deliver.
The Boulogne-Billancourt, France-based car-maker plans to use the proceeds for general corporate purposes.
| Issuer: | Renault SA
|
| Face amount: | €500 million
|
| Proceeds: | €498 million
|
| Maturity: | March 5, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | Credit Agricole CIB, Commerzbank, HSBC, SG CIB
|
| Bill and deliver: | HSBC
|
| Coupon: | 3 1/8%
|
| Price: | 99.653
|
| Yield: | 3.181%
|
| Spread: | 175 bps over mid-swaps; 214 bps over Bunds
|
| Call protection: | Non-callable
|
| Make-whole: | Bunds plus 35 bps
|
| Trade date: | Feb. 25
|
| Settlement date: | March 5
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB+
|
| Distribution: | Regulation S
|
| Price talk: | Mid-swaps plus 175 bps to 180 bps
|
| Marketing: | Quick to market
|
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