Published on 9/29/2020 in the Prospect News High Yield Daily.
New Issue: El Corte Ingles prices upsized €600 million 3.5-year notes at par to yield 3 5/8%
By Paul A. Harris
Portland, Ore., Sept. 29 – Madrid-based department store group El Corte Ingles SA priced an upsized €600 million issue of 3.5-year senior notes (expected ratings Ba1/BBB-/BB+) at par to yield 3 5/8% on Tuesday, according to market sources.
The issue size increased from €400 million.
The yield printed at the tight end of yield talk in the 3¾% area. Initial guidance was 3¾% to 4%.
BofA Securities was the global coordinator and sole physical bookrunner. Additional bookrunners were Bankia, BBVA, BNP Paribas, Caixa, Credit Agricole, Goldman Sachs, JPMorgan, Sabadell, Santander, SG, UniCredit, Commerzbank and Intesa.
Proceeds will be used for general corporate purposes, including debt repayment.
| Issuer: | El Corte Ingles, SA
|
| Amount: | €600 million, increased from €400 million
|
| Maturity: | March 15, 2024
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| Securities: | Senior notes
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| Global coordinator: | BofA Securities
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| Physical bookrunner: | BofA Securities
|
| Bookrunners: | Bankia, BBVA, BNP Paribas, Caixa, Credit Agricole, Goldman Sachs, JPMorgan, Sabadell, Santander, SG, UniCredit, Commerzbank and Intesa
|
| Coupon: | 3 5/8%
|
| Price: | Par
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| Yield: | 3 5/8%
|
| Spread: | 437.5 bps
|
| First call: | March 15, 2022 at 101.813
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| Trade date: | Sept. 29
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| Settlement date: | Oct. 13
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| Expected ratings: | Moody's: Ba1
|
| S&P: BBB-
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| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 3¾% area
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