By Paul A. Harris
St. Louis, July 20 - French health care technology company Cegedim SA moved up timing and priced a €300 million issue of 7% five-year senior unsecured notes (/BB+/) at 98.967 to yield 7¼% late in the European afternoon on Tuesday, according to an informed source.
Earlier in the European day, yield talk in the 7¼% area circulated with initial timing which set pricing for Wednesday morning. However, timing subsequently was moved up.
The issue played to a book that contained €400 million of orders, a source close to the deal said.
Investor meetings for the deal were held during the May 17 week, the source added.
However the execution awaited improving market conditions. The dealers reactivated the offering last week with a few telephone calls and meetings.
Credit Agricole CIB and SG CIB were joint bookrunners.
The Paris-based company will use the proceeds to refinance bank debt and for general corporate purposes.
| Issuer: | Cegedim SA
|
| Face amount: | €300 million
|
| Proceeds: | €296,901,000
|
| Maturity: | July 27, 2015
|
| Securities: | Senior unsecured notes
|
| Bookrunners: | Credit Agricole CIB, SG CIB
|
| Coupon: | 7%
|
| Price: | 98.967
|
| Yield: | 7¼%
|
| Spread: | 562 bps
|
| Call protection: | Non-callable
|
| Trade date: | July 20
|
| Settlement date: | July 27
|
| Rating: | Standard & Poor's: BB+
|
| Distribution: | Regulation S only
|
| Price talk: | 7¼% area
|
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