By Paul A. Harris
Portland, Ore., July 1 – Elior Group SA priced an upsized €550 million issue of five-year senior notes (Ba3/expected BB-) at par to yield 3¾% on Thursday, according to market sources.
The deal, which was upsized from €500 million, priced on top of talk and broke to par ½ bid, par 7/8 offered, a source said.
The offering had been in the market with initial guidance in the low 4% area.
BNP Paribas managed the deal.
Proceeds will be used to refinance Elior's term loan and for general corporate purposes.
The Paris-based food service and catering contractor made its debut in the high-yield bond market with this transaction.
| Issuer: | Elior Group SA
|
| Amount: | €550 million, increased from €500 million
|
| Tenor: | Five years
|
| Securities: | Senior notes
|
| Lead: | BNP Paribas
|
| Coupon: | 3¾%
|
| Price: | Par
|
| Yield: | 3¾%
|
| Call protection: | Two years
|
| Trade date: | July 1
|
| Ratings: | Moody’s: Ba3
|
| S&P: Expected BB-
|
| Price talk: | 3¾%
|
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