Castor/Cerved sets talk in €1.4 billion two-part seven-year secured notes offering

By Paul A. Harris

Portland, Ore., Feb. 10 – Cerved Group SpA set official price talk on top of early guidance in its €1.4 billion offering of seven-year senior secured notes (B3/B/B+), according to market sources.

The Rule 144A and Regulation S deal features benchmark tranches of fixed-rate notes that come with three years of call protection, talked at 5¾% to 6%, and floating-rate notes that come with one year of call protection, talked at 5¼% to 5½% on a yield basis, with no Euribor floor.

Tranche sizes remain to be determined.

Pricing is expected on Thursday.

Joint bookrunner JPMorgan is the global coordinator. Deutsche Bank, Goldman Sachs and UniCredit are also joint bookrunners.

Proceeds will be used to repay the bridge loan used to fund the acquisition of Cerved, a Donato, Italy-based financial information company, by FermION Investment Group Ltd.

The issuing entity will be Castor SpA, an entity created by FermION to effect the Cerved acquisition.

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