ELIS launches €850 million two-part bullet notes tight to talk

By Paul A. Harris

Portland, Ore., Sept. 24 – France-based supplier of sanitation products and services ELIS SA launched €850 million of senior notes (BB+/BB) in two fixed-rate bullet tranches on Tuesday, according to market sources.

The Regulation S offering includes €500 million of notes due April 3, 2025 (long five-year paper) launched to yield 1%, at the tight end of final yield talk in the 1 1/8% area. Initial talk was in the 1 3/8% area.

In addition, ELIS launched €350 million of notes due April 3, 2028 (long eight-year paper) to yield 1 5/8%, at the tight end of the 1 5/8% to 1¾% final yield talk. Initial talk was in the 2% area.

Allocations were expected on Tuesday.

Global coordinator Credit Agricole CIB will bill and deliver. Deutsche Bank and SG CIB were also global coordinators. BNP Paribas, HSBC and Natixis were joint bookrunners.

The notes in both tranches feature make-whole calls and become callable at par three months prior to their respective maturities but are otherwise non-callable.

ELIS plans to use the proceeds to repay bank debt.

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