By Paul A. Harris
Portland, Ore., Feb. 8 France-based Elis SA priced 1 billion of senior bullet notes (Ba2//BB+) in two tranches on Thursday, according to market sources.
The deal included 650 million of 1 7/8% five-year notes that priced at 99.646 to yield 1.95%. The yield printed inside of the 2% to 2 1/8% final yield talk. The initial yield talk was in the 2Ό% area.
In addition, Elis priced 350 million of eight-year notes at par to yield 2 7/8%. The yield printed at the tight end of the 2 7/8% to 3% yield talk. The initial yield talk was 3% to 3 1/8%.
The combined deal played to orders exceeding 4 billion, with demand skewed toward the five-year notes, a source said.
HSBC will bill and deliver.
BNP Paribas, Credit Agricole CIB and HSBC were the global coordinators. ING, Natixis and SG CIB were active joint bookrunners.
Proceeds from the deal will be used to refinance the bridge loan put in place for the acquisition of Berendsen plc and for general corporate purposes, which may include the refinancing of existing debt.
Elis is a Saint-Cloud, France-based multi-services group in Europe and Latin America, specializing in the rental and maintenance of professional clothing, textile articles, hygiene and well-being appliances.
| Issuer: | Elis SA
|
| Amount: | 1 billion
|
| Securities: | Senior notes
|
| Global coordinators: | HSBC (bill and deliver), BNP Paribas, Credit Agricole CIB
|
| Joint bookrunners: | ING, Natixis, SG CIB
|
| Passive bookrunners: | BBVA, Commerzbank, Mediobanca, MUFG
|
| Trade date: | Feb. 8
|
| Settlement date: | Feb. 15
|
| Ratings: | Moody's: Ba2
|
| Fitch: BB+
|
| Format: | Euro medium-term note program
|
| Marketing: | Roadshow
|
|
|
| Five-year notes
|
| Amount: | 650 million
|
| Maturity: | Five years
|
| Coupon: | 1 7/8%
|
| Price: | 99.646
|
| Yield: | 1.95%
|
| Call protection: | Make-whole call, par call three months prior to maturity, otherwise non-callable
|
| Price talk: | 2% to 2 1/8%
|
|
|
| Eight-year notes
|
| Amount: | 350 million
|
| Maturity: | Eight years
|
| Coupon: | 2 7/8%
|
| Price: | Par
|
| Yield: | 2 7/8%
|
| Call protection: | Make-whole call, par call three months prior to maturity, otherwise non-callable
|
| Price talk: | 2 7/8% to 3%
|
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