Published on 9/14/2018 in the Prospect News High Yield Daily.
New Issue: eDreams Odigeo sells €425 million five-year notes to yield 5½%
By Paul A. Harris
Portland, Ore., Sept. 14 – eDreams Odigeo SA priced a €425 million issue of five-year senior secured notes (B2/B) at par to yield 5½% on Friday, according to sources.
The yield printed at the tight end of the 5½% to 5¾% yield talk.
The deal played to orders from over 100 investors from the United States and every major European country in which eDreams operates, including France, Germany, Spain, Italy, United Kingdom and Sweden among others, the company stated in a Friday press release.
Sole global coordinator and joint bookrunner Deutsche Bank will bill and deliver. Barclays, BBVA, Caixa, JPMorgan, Morgan Stanley, Santander and SG CIB were also joint bookrunners.
The Barcelona, Spain-based online travel services provider plans to use the proceeds to refinance notes maturing in 2021.
| Issuer: | eDreams Odigeo SA
|
| Amount: | €425 million
|
| Maturity: | Sept. 1, 2023
|
| Securities: | Senior secured notes
|
| Bookrunners: | Deutsche Bank (sole global coordinator, bill and deliver), Barclays, BBVA, Caixa, JPMorgan, Morgan Stanley, Santander, SG CIB
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| First call: | Sept. 1, 2020 at 102.75
|
| Trade date: | Sept. 14
|
| Settlement date: | Sept. 25
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
| Talk: | 5½% to 5¾% yield
|
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