By Paul A. Harris
Portland, Ore., April 10 – Techem Verwaltungsgesellschaft 675 mbH priced a €500 million issue of senior secured notes due July 15, 2029 (B1/B+/B+) at par to yield 5 3/8% on Wednesday, according to market sources.
The yield printed at the wide end of the 5¼% to 5 3/8% revised talk but at the tight end of earlier talk in the 5½% area. Initial talk was in the mid-to-high 5% area.
Goldman Sachs was the lead.
Techem, a Hessen, Germany-based metering services company, plans to use the proceeds to refinance its 2½% senior secured notes due July 2025 by means of a tender offer and/or redemption.
| Issuer: | Techem Verwaltungsgesellschaft 675 mbH
|
| Amount: | €500 million
|
| Issue: | Senior secured notes
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| Maturity: | July 15, 2029
|
| Lead: | Goldman Sachs
|
| Coupon: | 5 3/8%
|
| Price: | Par
|
| Yield: | 5 3/8%
|
| Make-whole: | Any time prior to April 30, 2026 at Bunds plus 50 bps with 0% Bund floor
|
| First call: | April 30 2026 at 102.6875
|
| Trade date: | April 10
|
| Settlement date: | April 18
|
| Ratings: | Moody’s: B1
|
| S&P: B+
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5¼% to 5 3/8%
|
| ISINs: | XS2767966158, XS2767965853
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