New Issue: Buhrmann prices $150 million 10-year notes at 99.151 to yield 8%

By Paul A. Harris

St. Louis, Feb. 24 - Buhrmann NV priced $150 million of 10-year senior subordinated notes (B2/B) at 99.151 with a 7 7/8% coupon to yield 8%, according to a syndicate source.

Price talk was in the 8% area.

Deutsche Bank Securities ran the books for the Rule 144A /Regulation S issue. BNP Paribas and ING were joint lead managers.

Proceeds along with other available funds will be used to repurchase the company's outstanding preferred shares C.

Buhrmann is an office products company based in Amsterdam, The Netherlands.

Issuer:	Buhrmann NV
Amount:	$150 million
Maturity:	March 1, 2015
Security description:	Senior subordinated notes
Bookrunner:	Deutsche Bank Securities
Joint lead managers:	BNP Paribas, ING
Coupon:	7 7/8%
Price:	99.151
Yield:	8%
Spread:	374 basis points
Call protection:	Callable after March 1, 2010 at 103.938, 102.625, 101.313, par on and after March 1, 2013
Equity clawback:	Until March 1, 2008 for 35% at 107.875
Trade date:	Feb. 24
Settlement date:	March 2
Ratings:	Moody's: B2
	Standard & Poor's: B
Price talk:	8% area

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