France’s Elis launches €300 million five-year bullet notes at 4¼%

By Paul A. Harris

Portland, Ore., May 17 – Elis SA launched a €300 million offering of senior bullet notes due May 24, 2027 (expected ratings Ba2/BB+//DBRS: BBBL) to yield 4¼%, according to market sources.

The deal launched tighter than the 4 3/8% to 4½% guidance. Initial talk was in the 4 7/8% area.

The Regulation S offering was heard to be playing to €2.4 billion of orders.

Global coordinator Deutsche Bank will bill and deliver. The syndicate of banks also includes global coordinators Natixis and SG CIB, as well as Credit Agricole, Danske, HSBC and La Banque Postale.

The five-year notes come with a par call three months prior to maturity, but are otherwise non-callable.

The Saint-Cloud, France-based provider of work uniforms and related services plans to use the proceeds for general corporate purposes, including debt refinancing.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.