By Paul A. Harris
St. Louis, Oct. 3 - French specialty chemical manufacturer Rhodia SA priced a €1.1 billion issue of seven-year senior floating-rate notes (B2/B-) at par to yield three-month Euribor plus 275 basis points on Tuesday, according to an informed source.
The yield came at the tight end of the Euribor plus 275 to 287.5 basis points price talk.
Credit Suisse ran the books for the notes, which were issued via Rule 144A and Regulation S. BNP Paribas was the joint lead manager.
An informed source said that the order book for the bonds was 2.5 times oversubscribed.
The notes will be pari passu with the Paris-based company's existing senior notes.
Proceeds will be used to refinance existing debt.
| Issuer: | Rhodia SA
|
| Amount: | €1.1 billion
|
| Maturity: | Oct. 15, 2013
|
| Security description: | Senior floating-rate notes
|
| Bookrunner: | Credit Suisse
|
| Joint lead manager: | BNP Paribas
|
| Coupon: | Three-month Euribor plus 275 bps
|
| Price: | Par
|
| Yield: | Three-month Euribor plus 275 bps
|
| Call features: | Callable on Oct. 15, 2007 at 102, 101, par on and after Oct. 15, 2009
|
| Trade date: | Oct. 3
|
| Settlement date: | Oct. 17
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Euribor plus 275 to 287.5 bps
|
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