By Paul A. Harris
Portland, Ore., Jan. 11 – Tereos Finance Groupe SA priced an upsized €350 million issue of five-year senior notes (B+/B+) at par to yield 4¾% on Wednesday, according to market sources.
This issue size increased from €300 million.
The yield printed at the tight end of yield talk in the 4 7/8% area. Initial guidance was in the 5% area.
Global coordinator BNP Paribas will bill and deliver. Natixis and Rabobank were also global coordinators.
Proceeds plus balance sheet cash will be used to fund a tender offer for the Tereos Finance Group 1 4 1/8% notes due 2023 and to repay bank debt. The incremental proceeds resulting from the $50 million upsizing of the deal will be used to increase the size of the tender offer or to refinance debt.
Tereos Finance Groupe is a subsidiary of Tereos SCA, a cooperative conglomerate primarily active in processed agricultural raw materials, including sugar, alcohol and starch.
The company is based in Moussy-le-Vieux, France.
| Issuer: | Tereos Finance Groupe SA
|
| Amount: | €350 million, increased from €300 million
|
| Issue: | Senior notes
|
| Maturity: | Feb. 15, 2027
|
| Global coordinator: | BNP Paribas (bill and deliver), Natixis and Rabobank
|
| Co-managers: | Commerzbank, Credit Agricole CIB, CIC and ING
|
| Coupon: | 4¾%
|
| Price: | Par
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| Yield: | 4¾%
|
| Call protection: | Two years
|
| Trade date: | Jan. 12
|
| Ratings: | S&P: B+
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 4 7/8% area
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