Azelis launches €400 million five-year senior notes at 5¾% yield; pricing Wednesday

By Paul A. Harris

Portland, Ore., March 8 – Belgium-based Azelis launched its €400 million offering of five-year senior notes (BB+/BB+) at 5¾% on Wednesday, according to market sources.

The deal launched at the tight end of the 5¾% to 6% yield talk. Initial guidance was 6% to 6¼%.

Books were scheduled to close Wednesday afternoon, London time, the source said.

The notes come with two years of call protection.

The Antwerp-based specialty chemicals and food ingredients supplier plans to use the proceeds for general corporate purposes, including bolt-on mergers and acquisitions, as well as to refinance debt.

Joint bookrunner JPMorgan will bill and deliver. HSBC and ING are also joint bookrunners.

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