By Paul A. Harris
Portland, Ore., March 27 – Italy’s Evoca SpA priced a €550 million issue of five-year senior secured floating-rate notes (B3/B-/B-) with a 525 basis points spread to Euribor at an original issue discount of 98 on Wednesday, according to market sources.
The spread came on top of spread talk. The issue price came at the rich end of the 97.5 to 98 price talk.
Global coordinators and joint bookrunners were Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC. Additional joint bookrunners were BofA Securities Inc., Credit Agricole CIB, IMI Intesa Sanpaolo and J.P. Morgan Securities LLC.
The Milan-based supplier of equipment and technology to the home and retail coffee industry plans to use the proceeds plus balance sheet cash to redeem its €550 million outstanding of senior secured floating-rate notes due 2026 at par plus accrued and unpaid interest.
| Issuer: | Evoca SpA
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| Amount: | €550 million
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| Issue: | Senior secured floating-rate notes
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| Maturity: | April 9, 2029
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| Global coordinators: | Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC
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| Joint bookrunners: | BofA Securities Inc., Credit Agricole CIB, IMI Intesa Sanpaolo and J.P. Morgan Securities LLC
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| Coupon: | Three-month Euribor plus 525 bps
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| Price: | 98
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| Call protection: | Callable on April 9, 2025 at par
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| Trade date: | March 27
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| Ratings: | Moody’s: B3
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| S&P: B-
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| Fitch: B-
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | Euribor plus 525 bps at 97.5 to 98
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