Faurecia talks €500 million seven-year notes to yield in 3¼% area; pricing Tuesday

By Paul A. Harris

Portland, Ore., March 10 – Faurecia talked its €500 million offering of seven-year senior notes (Ba3//BB-) to yield in the 3¼% area, according to a market source.

Books were scheduled to close at 11 a.m. ET on Tuesday, and the deal was set to price thereafter. Timing was moved ahead, as roadshow was previously expected to run through Wednesday.

BNP Paribas and SG CIB are the global coordinators.

The notes become callable after three years at par plus 50% of the coupon.

The Nanterre, France-based automotive equipment supplier plans to use the proceeds primarily to redeem its €250 million 8¾% notes due June 2019 in full and to refinance short-term borrowings.

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