Ideal Standard talks €350 million five-year secured notes at 6½% area; pricing Friday

By Paul A. Harris

Portland, Ore., July 22 – Ideal Standard International SA talked its €350 million offering of five-year senior secured notes (B3/B-) to yield in the 6½% area, according to market sources.

Official talk comes at the wide end of initial guidance in the low-to-mid 6% area.

The Rule 144A and Regulation S deal is set to price on Friday.

Credit Suisse has the books.

The notes come with two years of call protection.

The Zaventem, Belgium-based bathroom, sanitary ware and plumbing fixture company plans to use the proceeds to refinance debt and to repay certain subordinated obligations held by its shareholders.

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