By Paul A. Harris
Portland, Ore., Oct. 6 – Madrid-based fashion retailer Tendam Brands SAU priced a €300 million issue of Euribor plus 750 basis points long five-year senior secured floating-rate notes (B2/B+) at 93 on Thursday, according to market sources.
The spread came at the tight end of the Euribor plus 750 bps to 775 bps spread talk. The issue price came on top of price talk.
Deutsche Bank was the lead.
Proceeds plus proceeds from a term loan and balance sheet cash are expected to be used to fully redeem the issuer’s fixed- and floating-rate senior secured notes due 2024.
| Issuer: | Tendam Brands SAU
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| Amount: | €300 million
|
| Issue: | Senior secured floating-rate notes
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| Maturity: | March 2028
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| Lead: | Deutsche Bank
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| Coupon: | Euribor plus 750 bps
|
| Price: | 93
|
| Call protection: | One year
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| Trade date: | Oct. 6
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| Settlement date: | Oct. 13
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| Ratings: | Moody's: B2
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
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| Price talk: | Euribor plus 750 bps to 775 bps at 93
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