Published on 4/2/2019 in the Prospect News High Yield Daily.
New Issue: France's Elis prices €500 million five-year notes at par to yield 1¾%
By Paul A. Harris
Portland, Ore., April 2 – France-based Elis SA priced a €500 million issue of five-year senior notes (BB+/BB) at par to yield 1¾% on Tuesday, according to market sources.
The yield printed 12.5 basis points below the tight end of the 1 7/8% to 2% yield talk.
The deal was heard to be playing to €3 billion of orders, a source said.
Global coordinator HSBC will bill and deliver. BNP Paribas and ING were also global coordinators.
The Saint-Cloud, France-based provider of work uniforms and related services plans to use the proceeds to refinance part of the €800 million 3% notes due 2022 that are outstanding.
| Issuer: | Elis SA
|
| Amount: | €500 million
|
| Maturity: | April 11, 2024
|
| Securities: | Senior notes
|
| Global coordinators: | HSBC (bill and deliver), BNP Paribas, ING
|
| Active bookrunners: | Credit Agricole CIB, Deutsche Bank, SG CIB
|
| Passive bookrunners: | BBVA, Danske Bank, MUFG, Natixis
|
| Coupon: | 1¾%
|
| Price: | Par
|
| Yield: | 1¾%
|
| Spread: | Mid-swaps plus 173.3 bps
|
| Trade date: | April 2
|
| Settlement date: | April 11
|
| Ratings: | S&P: BB+
|
| Fitch: BB
|
| Distribution: | Regulation S
|
| Price talk: | 1 7/8% to 2%
|
| Marketing: | Quick-to-market
|
|
|
© 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.
