By Abigail W. Adams
Portland, Me., April 30 – Verisure Holding AB priced €525 million six-year senior secured notes (B1/B+) at par to yield 5½% on Tuesday, according to a market source.
The offering had a base size of €300 million with official talk for a yield 5½% to 5¾%.
Initial price talk was for a yield in the high 5% area.
The notes are non-callable for two years.
JPMorgan was global coordinator and sole physical bookrunner for the Rule 144A and Regulation S offering.
BofA Securities and Goldman Sachs are joint global coordinators and bookrunners.
BNP Paribas, Citigroup, Deutsche Bank, Morgan Stanley, Nomura and Nordea are joint bookrunners.
Proceeds will be used to repay outstanding revolving credit facility amounts and refinance the company’s term loan.
Verisure is a Switzerland-based smart alarm system company.
| Issuer: | Verisure Holding AB
|
| Amount: | €525 million
|
| Issue: | Senior secured notes
|
| Maturity: | May 15, 2030
|
| Left bookrunner: | JPMorgan
|
| Global coordinators: | JPMorgan, BofA Securities and Goldman Sachs
|
| Joint bookrunners: | BofA Securities, Goldman Sachs, BNP Paribas, Citigroup, Deutsche Bank, Morgan Stanley, Nomura and Nordea
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Spread: | 297 bps
|
| First call: | May 15, 2026 at 102.75
|
| Trade date: | April 30
|
| Settlement date: | May 16
|
| Ratings: | Moody's: B1
|
| S&P: B+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | Yield of 5½% to 5¾%
|
| Marketing: | Global investor call
|
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