By Paul A. Harris
Portland, Ore., Jan. 31 – Emeria SASU priced a €400 million issue of five-year senior secured notes (B2) at par to yield 7¾% on Tuesday, according to market sources.
The yield printed at the tight end of the 7¾% to 8% yield talk.
Global coordinator and physical bookrunner Deutsche Bank will bill and deliver. BNP Paribas was also a global coordinator and physical bookrunner.
The France-based property management company plans to use the proceeds to fund cash to repay debt under its revolving credit facility.
| Issuer: | Emeria SASU
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| Amount: | €400 million
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| Issue: | Senior secured notes
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| Maturity: | 2028 (five year)
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| Physical bookrunners: | Deutsche Bank (bill and deliver) and BNP Paribas
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| Coupon: | 7¾%
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| Price: | Par
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| Yield: | 7¾%
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| Spread: | 549 basis points
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| Call protection: | Two years
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| Trade date: | Jan. 31
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| Rating: | Moody’s: B2
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| Price talk: | 7¾% to 8%
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