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Fives talks €425 million five-year floaters with 525 bps spread, discount in 99 area
By Paul A. Harris
Portland, Ore., April 19 – France-based engineering group Fives talked its €425 million offering of Nova Alexandre III SAS five-year senior secured floating-rate notes (B3/B/B+) with a 525 basis points spread to Euribor, to price in the 99 area (98.75 to 99.25), according to a syndicate source.
Both spread and price talk come in line with early guidance.
The Rule 144A for life and Regulation S deal is set to price on Friday.
The notes become callable after one year.
Joint global coordinator and joint bookrunner BNP Paribas will bill and deliver. Goldman Sachs and Societe Generale are also joint global coordinators and joint bookrunners. Natixis is also a joint bookrunner.
Proceeds plus balance sheet cash (as adjusted for an equity increase) will be used to redeem outstanding notes.
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