By Marisa Wong
Los Angeles, June 14 – Special purpose vehicle Nobel Bidco BV priced its €650 million offering of seven-year senior secured notes (B1/B+) at par, according to a notice. The notes were issued on behalf of Philips Domestic Appliances.
J.P. Morgan AG, ING Bank and BofA Securities Inc. acted as joint bookrunners.
The offering had been downsized from €850 million, shifting proceeds to a concurrent bank loan, as previously reported.
Final talk on the notes tightened to the 3 1/8% area from earlier talk of 3¼% to 3½%. Initial guidance was in the mid-3% area.
The Rule 144A and Regulation S notes become callable after three years at par plus 50% of the coupon, as previously announced.
Proceeds will be used to fund the acquisition of Netherlands-based Royal Philips’ domestic appliances division by Hillhouse Capital, and fund cash on the balance sheet.
| Issuer: | Nobel Bidco BV (Philips Domestic Appliances)
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| Issue: | Senior secured notes
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| Amount: | €650 million
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| Maturity: | Seven years
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| Bookrunners: | J.P. Morgan AG, ING Bank and BofA Securities Inc.
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| Price: | Par
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| Call option: | After three years at par plus 50% of coupon
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| Announcement date: | June 14
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| Ratings: | Moody’s: B1
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| S&P: B+
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | 3 1/8% area, tightened from 3¼%-3½%; initial guidance in the mid-3% area
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