BMC Software shrinks triple-C bond; Burger King France prices at tight end

BMC Software has shrunk its triple-C rated high yield bond issue from €380m to €250m as demand proves hard to come by. But Burger King France has managed to price its offering at the tight end of the range, though with an adjustment to the tranching.

  • By Victor Jimenez
  • 08 Dec 2017

BMC Software, the US IT firm owned by Bain Capital and Golden Gate, had roadshowed for €380m of six year non-call three senior unsecured notes since Monday. They have expected ratings of Caa2/CCC by Moody’s and S&P Global.

On Friday, it cut their size to €250m, with price talk ...

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Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 30,388.71 99 8.63%
2 BNP Paribas 22,463.54 135 6.38%
3 Deutsche Bank 17,970.47 100 5.10%
4 Goldman Sachs 17,954.81 74 5.10%
5 HSBC 16,143.35 101 4.58%

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1 BNP Paribas 472.73 3 8.70%
2 Goldman Sachs 460.40 3 8.48%
3 Credit Suisse 417.53 4 7.69%
4 Barclays 413.98 4 7.62%
5 Credit Agricole CIB 353.26 2 6.50%

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1 Citi 1,942.03 15 9.59%
2 Bank of America Merrill Lynch 1,559.21 15 7.70%
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4 JPMorgan 1,388.05 13 6.85%
5 Morgan Stanley 1,381.20 11 6.82%