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Philips Domestic Appliances talks €850 million secured notes to yield 3¼%-3½%; pricing Friday
By Paul A. Harris
Portland, Ore., June 10 – Special purpose vehicle Nobel Bidco BV talked its €850 million offering of seven-year senior secured notes (B1/B+) to yield 3¼% to 3½%, tight to early guidance in the mid-3% area, according to a market source.
The deal, backing the leveraged buyout of Philips Domestic Appliances by Hillhouse Capital, is expected to price on Friday.
Global coordinator and joint bookrunner JPMorgan will bill and deliver. HSBC and Deutsche Bank are also global coordinators and joint bookrunners. BofA and ING are joint bookrunners.
The Rule 144A and Regulation S notes become callable after three years at par plus 50% of the coupon.
Proceeds will be used to fund the acquisition of Netherlands-based Royal Philips' domestic appliances division by Hillhouse Capital and to fund cash on the balance sheet.
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