SNF Floerger’s €300m sells easily as S&P raises outlook
SNF Floerger, the French speciality chemicals company, sold a high yield bond on Tuesday at the increased size of €300m, and at a tight spread. The senior unsecured bond issue was enlarged by €50m and priced at par with a 5.5% coupon.
After two days of investor meetings in London and Paris, bookrunners BNP Paribas (left lead) and Crédit Agricole released price guidance in the 5.625% area on Tuesday morning and later tightened it to 5.5%.
The books closed at midday on Tuesday. Bank of America Merrill Lynch, HSBC and Natixis
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