New Issue: Eroski prices €500 million 10 5/8% 5.5-year secured notes at par

By Paul A. Harris

Portland, Ore., Nov. 17 – Spanish supermarket chain Eroski, S. Coop priced a €500 million issue of 5.5-year senior notes (B2/B+) at par to yield 10 5/8% on Thursday, according to a market source.

The yield printed in the middle of the 10½% to 10¾% yield talk.

Physical bookrunners were Deutsche Bank (bill and deliver) and BNP Paribas. Joint bookrunners were Banco Bilbao Vizcaya Argentaria, Banco de Sabadell, Banco Santander, CaixaBank and Norbolsa.

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.

Issuer:	Eroski, S. Coop
Amount:	€500 million
Issue:	Senior secured notes
Maturity:	April 30, 2029
Physical bookrunners:	Deutsche Bank (bill and deliver) and BNP Paribas
Joint bookrunners:	Banco Bilbao Vizcaya Argentaria, Banco de Sabadell, Banco Santander, CaixaBank and Norbolsa
Coupon:	10 5/8%
Price:	Par
Yield:	10 5/8%
First call:	Nov. 30, 2025 at 105.313
Trade date:	Nov. 16
Settlement date:	Nov. 30
Ratings:	Moody’s: B2
	S&P: B+
Distribution:	Rule 144A and Regulation S
Price talk:	10½% to 10¾%

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