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Cedacri sets final talk on €650 million seven-year floater at Euribor plus 462.5 bps at 99.75-par
By Paul A. Harris
Portland, Ore., May 14 – Cedacri SpA set final talk on its €650 million offering of seven-year senior secured floating-rate notes (B3/B/B+) with a 462.5 basis points spread to Euribor, no Euribor floor, at 99.75 to par, according to a market source.
Final talk tightened from the earlier talk of Euribor plus 475 bps at 99.5. Initial guidance was Euribor plus 475 bps to 500 bps at 99.5.
The deal is expected to price on Friday.
JPMorgan and UniCredit are the leads.
The notes, which will be issued by Cedacri Mergeco SpA, come with one year of call protection.
Proceeds will be used to fund the buyout of the Rome-based banking and infrastructure software group by ION Investment Group Ltd.
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