By Paul A. Harris
Portland, Ore., April 21 – Paris-based equipment rental company Loxam SAS priced an upsized €250 million issue of seven-year senior secured notes (BB-) at par to yield 3½% on Thursday, according to a market source.
The issue size was increased from €210 million.
The yield printed at the tight end of yield talk in the 3¾% area.
Deutsche Bank managed the sale.
Loxam intends to use the proceeds to redeem its 7 3/8% senior subordinated notes due 2020.
| Issuer: | Loxam SAS
|
| Amount: | €250 million, increased from €210 million
|
| Maturity: | May 3, 2023
|
| Securities: | Senior secured notes
|
| Bookrunner: | Deutsche Bank
|
| Coupon: | 3½%
|
| Price: | Par
|
| Yield: | 3½%
|
| Call: | May 3, 2019 at 101.75
|
| Trade date: | April 21
|
| Settlement date: | May 3
|
| Rating: | Standard & Poor's: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 3¾% area
|
| Marketing: | Roadshow
|
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