New Issue: France-based ELIS prices €850 million notes in two bullet tranches

By Paul A. Harris

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

The deal included €500 million of notes due April 3, 2025 (long five-year paper) at par 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 priced €350 million of notes due April 3, 2028 (long eight-year paper) at par 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.

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.

ELIS plans to use the proceeds to repay bank debt.

Issuer:	ELIS SA
Amount:	€850 million
Securities:	Senior notes
Global coordinators:	Credit Agricole CIB (bill and deliver), Deutsche Bank, SG CIB
Joint bookrunners:	Credit Agricole, Deutsche Bank, SG, BNP Paribas, HSBC, Natixis
Trade date:	Sept. 24
Settlement date:	Oct. 3
Call protection:	Make-whole calls, par calls three months prior to maturities, otherwise non-callable
Ratings:	S&P: BB+
	Fitch: BB
Distribution:	Regulation S
Marketing:	Quick to market
Long five-year notes
Amount:	€500 million
Maturity:	April 3, 2025
Coupon:	1%
Price:	Par
Yield:	1%
Price talk:	1 1/8% area
Long eight-year notes
Amount:	€350 million
Maturity:	April 3, 2028
Coupon:	1 5/8%
Price:	Par
Yield:	1 5/8%
Price talk:	1 5/8% to 1¾%

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