By Lisa Kerner
Charlotte, N.C., Sept. 7 - CSM NV announced it will issue $300 million of U.S. notes in a private placement to 11 institutional investors in the United States and the United Kingdom.
The notes will be issued in three tranches with maturities of five, seven and 10 years, with a weighted average maturity of 7.2 years and a weighted average interest rate of 4.1%, according to a company news release.
Proceeds, which will be made available by Oct. 28, will be used to fully repay the borrowings under a revolving U.S. credit facility that matures in July 2011 and to reduce the borrowings under the €700 million revolving credit facility that matures in July 2014.
CSM said it continues to have a solid balance sheet with ample headroom under the available revolving credit facilities to accommodate further growth.
Bank of America Merrill Lynch and Barclays Capital Inc. acted as bookrunners and placement agents for the transaction.
CSM is a supplier of bakery products. The company is based in Amsterdam.
| Issuer: | CSM NV
|
| Issue: | Notes
|
| Amount: | $300 million in three tranches
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| Maturities: | Five, seven and 10 years
|
| Coupon: | Weighted average of 4.1%
|
| Distribution: | Private placement
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| Settlement: | By Oct. 28
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| Weighted average maturity: | 7.2 years
|
| Placement agents: | Bank of America Merrill Lynch, Barclays Capital Inc.
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