Spanish supermarket operator Eroski begins marketing €500 million 5.5-year senior notes

By Paul A. Harris

Portland, Ore., Nov. 14 – Spanish supermarket chain operator Eroski plans to price a €500 million offering of senior notes due 2029, according to market sources.

The sale is being directed to qualified institutional buyers.

The 5.5-year notes come with two years of call protection.

Joint global coordinator and physical bookrunner Deutsche Bank will bill and deliver. BNP Paribas is also a joint global coordinator and physical bookrunner.

BBVA, Caixa Bank, Norbolsa, Santander and Sabadell are joint bookrunners.

The Elorrio, Spain-based company intends to use the proceeds plus funds obtained through certain financial instruments, as well as proceeds from the future sale of certain real estate assets, to refinance debt.

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