By Paul A. Harris
Portland, Ore., July 20 – France-based InfoPro Digital priced €500 million of five-year senior secured notes (B2/B) in two tranches on Thursday, according to a market source.
The deal included €325 million of fixed-rate notes, which priced at par to yield 4½%. The yield came through initial guidance of 4¾% to 5%.
In addition InfoPro Digital priced €175 million of floating-rate notes at par to yield Euribor plus 450 basis points. The spread came through initial guidance of Euribor plus 475 bps to 500 bps.
Global coordinator JPMorgan will bill and deliver. BNP Paribas was also a global coordinator. SG CIB was a bookrunner.
The Paris-based multi-media products and services provider plans to use the proceeds to repay bank debt.
| Issuer: | IPD 3 BV
|
| Amount: | €500 million
|
| Maturity: | July 15, 2022
|
| Securities: | Senior secured notes
|
| Global coordinators: | JPMorgan (bill and deliver), BNP Paribas
|
| Bookrunner: | SG CIB
|
| Trade date: | July 20
|
| Settlement date: | July 27
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Fixed-rate notes
|
| Amount: | €325 million
|
| Coupon: | 4½%
|
| Price: | Par
|
| Yield: | 4½%
|
| Spread: | 465 bps
|
| Call: | Make-whole call at Bunds plus 50 bps until July 15, 2019, then callable at 102.25
|
| Equity clawback: | 40% at 104.5 until July 15, 2019
|
| Initial guidance: | 4¾% to 5%
|
|
|
| Floating-rate notes
|
| Amount: | €175 million
|
| Coupon: | Euribor plus 450 bps
|
| Libor floor: | 0%
|
| Price: | Par
|
| Yield: | Euribor plus 450 bps
|
| Call: | Make-whole call at Bunds plus 50 bps until July 15, 2018, then callable at 101
|
| Price talk: | Euribor plus 475 bps to 500 bps
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
