Elis talks €800 million seven-year notes to yield in 3 1/8% area; pricing expected Wednesday

By Paul A. Harris

Portland, Ore., April 22 – Elis SA talked is €800 million offering of seven-year senior notes (Ba2/BB) to yield in the 3 1/8% area, according to a market source.

The deal is expected to price shortly.

Joint global coordinator BNP Paribas will bill and deliver. Deutsche Bank is also a joint global coordinator.

Credit Agricole CIB, HSBC Bank plc and SG CIB are the joint bookrunners.

The Rule 144A and Regulation S notes come with three years of call protection and feature a 101% poison put.

Proceeds from the notes, which are in the market via wholly owned subsidiary Novalis SAS, will be used to take out the existing senior secured notes and senior subordinated notes and for general corporate purposes.

The Puteaux, France-based company provides laundry and maintenance services for flat linen and workwear, as well as hygienic and well-being appliances.

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