By Paul A. Harris
Portland, Ore., April 19 – France-based engineering group Fives priced a €430 million issue of Nova Alexandre III SAS five-year senior secured floating-rate notes (B3/B/BB-) with a 525 basis points spread to Euribor at 99.25 on Friday, according to market sources.
The spread came on top of spread talk. The issue price came at the rich end of price talk in the 99 area.
BNP Paribas was the left bookrunner. Joint bookrunners were Goldman Sachs, SG and Natixis.
Proceeds plus balance sheet cash (as adjusted for an equity increase) will be used to redeem outstanding notes.
| Issuer: | Nova Alexandre III SAS
|
| Amount: | $430 million
|
| Issue: | Senior secured floating-rate notes
|
| Maturity: | July 15, 2029
|
| Left bookrunner: | BNP Paribas (bill and deliver)
|
| Global coordinators: | BNP Paribas, Goldman Sachs and SG
|
| Joint bookrunners: | Goldman Sachs, SG and Natixis
|
| Coupon: | Euribor plus 525 bps
|
| Price: | 99.25
|
| Call: | July 15, 2025 at 101
|
| Trade date: | April 19
|
| Settlement date: | April 29
|
| Ratings: | Moody’s: B3
|
| S&P: B
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | Euribor plus 525 bps coupon with OID in 99 area
|
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