El Corte Ingles sets roadshow for €600 million 5.5-year senior notes

By Paul A. Harris

Portland, Ore., Sept. 21 – El Corte Ingles, SA plans to start a roadshow on Monday in London City for a €600 million offering of 5.5-year senior notes (expected ratings Ba1/BB+/BB+), according to a market source.

The roadshow travels to London's West End on Tuesday, to Paris and Amsterdam on Wednesday and to Frankfurt on Thursday.

Physical bookrunner BofA Merrill Lynch will bill and deliver for the Rule 144A and Regulation S offering. Goldman Sachs International is also a physical bookrunner.

Santander, BNP Paribas, Caixa, Sabadell, Credit Agricole CIB, Credit Suisse, SG CIB, UniCredit Bank, Deutsche Bank, Bankia and BBVA are joint bookrunners.

The notes come with two years of call protection.

The Madrid-based department store operator plans to use the proceeds for general corporate purposes, including debt repayment.

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