By Paul A. Harris
Portland, Ore., Nov. 9 – HAYA Real Estate priced an upsized €475 million of five-year senior secured notes (B3/B-) in two tranches on Thursday, according to a market source.
The deal included €250 million of 5¼% fixed-rate notes and €225 million three-month Euribor plus 512.5 basis points floating-rate notes.
The issue size was increased from €450 million
Morgan Stanley & Co. International plc led the deal.
Proceeds will be used to repay debt, to fund a dividend, to maintain a cash balance and for general corporate purposes.
The issuer is a Madrid, Spain-based real estate management and investment company.
Issuer: | HAYA Finance 2017 SA
|
Amount: | €475 million, increased from €450 million
|
Tenor: | Five years
|
Securities: | Senior secured notes
|
Lead: | Morgan Stanley & Co. International plc
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Trade date: | Nov. 9
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Settlement date: | Nov. 15
|
Ratings: | Moody's: B3
|
| S&P: B-
|
Distribution: | Rule 144A and Regulation S
|
Marketing: | Roadshow
|
|
Fixed-rate notes
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Amount: | €250 million
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Coupon: | 5¼%
|
Call protection: | Two years
|
|
Floating-rate notes
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Amount: | €225 million
|
Coupon: | Three-month Euribor plus 512.5 bps
|
Euribor floor: | 0%
|
Call protection: | One year
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