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HEMA announces €760 million notes in secured and unsecured tranches
By Paul A. Harris
Portland, Ore., July 10 – Amsterdam-based discount retailer HEMA BV plans to price €760 million of high-yield notes on Thursday, according to a market source.
The deal includes €610 million of five-year senior secured floating-rate notes, which come with one year of call protection, and €150 million of 5.5-year senior unsecured notes, which come with two years of call protection.
Credit Suisse is the lead.
Proceeds from the Rule 144A and Regulation S offering, together with cash on hand, are expected to be used to pay off the company's existing secured floating-rate notes, secured fixed-rate notes and unsecured notes and pay off its existing purchase money obligation facility.
The issuing entities will be subsidiaries HEMA Bondco I BV and HEMA Bondco II BV.
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