By Paul A. Harris
Portland, Ore., Oct. 17 – Rossini Sarl priced a €650 million issue of six-year senior secured floating-rate notes (B3/B) at par with a coupon of Euribor plus 387.5 basis points, according to a market source.
The spread came at the tight end of the Euribor plus 400 bps spread talk. Initial talk was in the 450 bps area.
Deutsche Bank was the lead.
The Milan-based pharmaceutical company, which makes it corporate headquarters in Luxembourg, plans to use the proceeds to pay off its existing floating-rate notes and fund cash on its balance sheet.
| Issuer: | Rossini Sarl
|
| Amount: | €650 million
|
| Tenor: | Six years
|
| Securities: | Senior secured floating-rate notes
|
| Bookrunner: | Deutsche Bank
|
| Coupon: | Euribor plus 387.5 bps
|
| Price: | Par
|
| Call protection: | One year
|
| Announcement date: | Oct. 17
|
| Ratings: | Moody's: B3
|
| S&P: B
|
| Marketing: | Roadshow
|
| Price talk: | Euribor plus 400 bps area
|
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