By Paul A. Harris
Portland, Ore., Oct. 23 – Italy’s Rhiag SpA priced a €50 million add-on to its 7¼% senior secured notes due Nov. 15, 2020 (expected ratings B2/B) at par to yield 7¼% on Thursday, according to a market source.
The price printed on top of price talk.
Global coordinator Credit Suisse will bill and deliver. BNP Paribas is also a global coordinator. Goldman Sachs International is the joint bookrunner.
Proceeds will be used to repay debt and for general corporate purposes.
The issuer is a Milan-based manufacturer of aftermarket auto parts.
| Issuer: | Rhino Bondco SpA (Rhiag Group)
|
| Amount: | €50 million
|
| Maturity: | Nov. 15, 2020
|
| Security description: | Add-on to 7¼% senior secured notes due Nov. 15, 2020
|
| Global coordinators: | Credit Suisse (bill and deliver), BNP Paribas
|
| Joint bookrunner: | Goldman Sachs & Co.
|
| Coupon: | 7¼%
|
| Price: | Par
|
| Yield: | 7¼%
|
| Spread: | 698 bps
|
| First call: | Nov. 15, 2016 at 103. 625
|
| Trade date: | Oct. 23
|
| Settlement date: | Oct. 30
|
| Expected ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | Par area
|
| Marketing: | Quick to market
|
| Original issue: | €215 million priced at par and settled on Nov. 11, 2013
|
| Total issue size: | €265 million
|
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