By Paul A. Harris
Portland, Ore., July 19 – Techem Energy Metering Service GmbH priced a €465 million issue of eight-year senior notes (Caa1/B-/CCC+) at par to yield 6% on Thursday, according to a market source.
The yield printed at the tight end of the 6% to 6¼% yield talk.
Deutsche Bank was the lead among a syndicate of banks that included Credit Suisse, Credit Agricole and others.
Proceeds from the bonds are being used to fund the buyout of the Baar-Zug, Switzerland-based provider of utility metering products and related services by a consortium of investors led by Partners Group and including Caisse de depot et placement du Quebec and Ontario Teachers' Pension Plan, as well as Techem's management team.
| Issuer: | Blitz F18-675 GmbH
|
| Amount: | €465 million
|
| Maturity: | July 2026
|
| Securities: | Senior notes
|
| Managers: | Deutsche Bank, Credit Suisse, Credit Agricole
|
| Coupon: | 6%
|
| Price: | Par
|
| Yield: | 6%
|
| Call protection: | Three years
|
| Trade date: | July 19
|
| Ratings: | Moody's: Caa1
|
| S&P: B-
|
| Fitch: CCC+
|
| Price talk: | 6% to 6¼% yield
|
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