By Paul A. Harris
Portland, Ore., April 22 – Elis SA priced an €800 million issue of seven-year senior notes (Ba2/BB) at par to yield 3% on Wednesday, according to a market source.
The yield printed at the tight end of yield talk in the 3 1/8% area.
Joint global coordinator BNP Paribas will bill and deliver. Deutsche Bank was also a joint global coordinator.
Credit Agricole CIB, HSBC Bank plc and SG CIB were the joint bookrunners.
Proceeds from the notes, which were issued by Elis' 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.
| Issuer: | Novalis SAS (Elis)
|
| Amount: | €800 million
|
| Maturity: | April 30, 2022
|
| Securities: | Senior notes
|
| Joint global coordinators: BNP Paribas (bill and deliver), Deutsche Bank
|
| Joint bookrunners: | Credit Agricole CIB, HSBC Bank plc, SG CIB
|
| Coupon: | 3%
|
| Price: | Par
|
| Yield: | 3%
|
| Spread: | 308.1 bps
|
| First call: | April 30, 2018 at 101.5
|
| Equity clawback: | 40% at 103 until April 30, 2018
|
| Trade date: | April 22
|
| Settlement date: | April 28
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 3 1/8% area
|
| Marketing: | Roadshow
|
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