By Paul A. Harris
Portland, Ore., Sept. 27 – James Hardie International Finance priced an upsized €400 million issue of eight-year senior notes (Ba1/BB/BBB-) at par to yield 3 5/8% on Thursday, according to a market source.
The issue size was increased from €350 million.
Dealer markets were in the range of par 7/8 bid, 101¼ offered, the source said.
HSBC was the lead bookrunner.
The issuer is a Dublin, Ireland-based industrial building supplies company.
| Issuer: | James Hardie International Finance
|
| Amount: | €400 million, increased from €350 million
|
| Maturity: | Oct. 1, 2026
|
| Securities: | Senior notes
|
| Lead bookrunner: | HSBC
|
| Coupon: | 3 5/8%
|
| Price: | Par
|
| Yield: | 3 5/8%
|
| Spread: | 335 bps
|
| Call protection: | Make-whole call at Bunds plus 50 bps until Oct. 1, 2021, then callable at a premium
|
| Trade date: | Sept. 27
|
| Settlement date: | Oct. 4
|
| Ratings: | Moody's: Ba1
|
| S&P: BB
|
| Fitch: BBB-
|
| Distribution: | Regulation S
|
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