New Issue: France's Faurecia prices €250 million 8¾% notes at 99.974 to yield 8¾%

By Paul A. Harris

Portland, Ore., April 27 - France's Faurecia SA priced a €250 million issue of 8¾% seven-year senior unguaranteed notes (B2) at 99.974 to yield 8¾% on Friday, according to a syndicate source.

The quick-to-market deal was announced on Thursday.

Global coordinator and joint bookrunner Credit Agricole CIB will bill and deliver. BNP Paribas, HSBC, Mitsubishi UFJ and Natixis were also joint bookrunners.

The Nanterre, France-based automotive equipment supplier plans to use the proceeds to reduce outstanding debt including the repayment of part of its revolver, and to extend its debt maturity profile and diversify its sources of funding.

Issuer:	Faurecia SA
Securities:	Senior unguaranteed notes
Amount:	€250 million
Maturity:	June 15, 2019
Coupon:	8¾%
Price:	99.974
Yield:	8¾%
Spread:	774 bps
Call features:	Callable on June 15, 2015 at 106.563, 104.375, 102.188, declining to par on and after June 15, 2018
Global coordinator:	Credit Agricole CIB (bill and deliver)
Joint bookrunners:	Credit Agricole, BNP Paribas, HSBC, Mitsubishi UFJ, Natixis
Trade date:	April 27
Settlement date:	May 3
Rating:	Moody's: B2
Distribution:	Regulation S
Marketing:	Quick-to-market

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