New Issue: France's Rhodia sells €500 million eight-year notes at par to yield 7%

By Paul A. Harris

St. Louis, April 29 - France's Rhodia SA priced a €500 million issue of eight-year senior notes (B1/BB-/) at par to yield 7% on Thursday, according to an informed source.

The yield printed on top of the final guidance.

Credit Suisse and BNP Paribas were the joint bookrunners for the quick-to-market deal. Credit Agricole was the co-manager.

Proceeds will be used to refinance a portion of Rhodia's outstanding senior floating-rate notes due 2013.

Rhodia is a Paris-based specialty chemicals company.

Issuer:	Rhodia SA
Amount:	€500 million
Maturity:	May 15, 2018
Securities:	Senior notes
Bookrunners:	Credit Suisse, BNP Paribas
Co-manager:	Credit Agricole
Coupon:	7%
Price:	Par
Yield:	7%
Spread:	418 bps
Call features:	Make-whole call at Treasuries plus 50 bps until May 15, 2014, then callable at 103.50, 101.75, par on and after May 15, 2016
Trade date:	April 29
Settlement date:	May 10
Ratings:	Moody's: B1
	Standard & Poor's: BB-
Distribution:	Regulation S
Price talk:	7%

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