By Paul A. Harris
Portland, Ore., Jan. 13 - France's Wendel Investissement launched and priced an upsized €400 million issue of seven-year senior notes (/BB+/) at par to yield 3¾% in a quick-to-market transaction on Monday, a market source said.
The deal was upsized from €300 million.
The yield printed on top of final yield talk. Earlier talk was 3 7/8% to 4%. Initial guidance came in the 4 1/8% area.
The deal generated €4 billion of orders from over 450 accounts, according to the source.
BofA Merrill Lynch, BNP Paribas, HSBC, SG CIB and Natixis were the joint bookrunners.
The Paris-based investment company plans to use the proceeds for general corporate purposes.
| Issuer: | Wendel Investissement
|
| Amount: | €400 million, increased from €300 million
|
| Maturity: | Jan. 21, 2021
|
| Securities: | Senior notes
|
| Bookrunners: | BofA Merrill Lynch, BNP Paribas, HSBC, SG CIB and Natixis
|
| Coupon: | 3¾%
|
| Price: | Par
|
| Yield: | 3¾%
|
| Spread: | 247.9 bps over Bunds
|
| Call protection: | Non-callable
|
| Make-whole: | Bunds plus 40 bps
|
| Trade date: | Jan. 13
|
| Settlement date: | Jan. 21
|
| Rating: | Standard & Poor's: BB+
|
| Price talk: | 3¾%, revised from 3 7/8% to 4% (initial guidance was 4 1/8% area)
|
| Marketing: | Quick to market
|
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