By Paul A. Harris
St. Louis, April 4 - Tereos Europe priced an upsized €500 million issue of seven-year senior bullet notes (Ba3/BB-) at par to yield 6 3/8% on Wednesday, according to an informed source.
The notes priced at the wide end of the revised 6¼% to 6 3/8% price talk, which had been lowered from initial talk of 6½% to 6¾%.
Calyon Securities ran the books for the Rule 144A and Regulation S with no registration rights issue, which was upsized from €400 million.
Proceeds will be used principally to refinance a €300 million subordinated bridge loan.
The company is a Lille, France-based sugar producer.
| Issuer: | Tereos Europe
|
| Amount: | €500 million (increased from €400 million)
|
| Maturity: | April 15, 2014
|
| Security description: | Senior notes
|
| Bookrunner: | Calyon Securities
|
| Coupon: | 6 3/8%
|
| Price: | Par
|
| Yield: | 6 3/8%
|
| Call protection: | Non-callable with Bunds plus 50 bps make-whole
|
| Trade date: | April 4
|
| Settlement date: | April 12
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S with no registration rights
|
| Price talk: | 6¼% to 6 3/8% (lowered from 6½% to 6¾%)
|
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