Last checked at 14 Mar 2012 16:51
March 14, 2012
SUCCESSFUL LAUNCH OF A BOND OFFERING:
EUR 750 million, 10 year maturity, annual coupon of 3.625%
Compagnie de Saint-Gobain today set the terms of a 10 year bond issue for an amount of EUR 750 million with an annual coupon of 3.625%.
Under favourable market conditions this operation generated very strong demand: the orderbook totalled close to EUR 5 billion from nearly 330 investors. The transaction could therefore be completed within a short time with a higher issuance amount and improved pricing compared to the initial targets.
This bond issue, which will be used to finance the general corporate purposes of the group, enables Saint-Gobain to both lengthen the average maturity of its debt and optimise its average cost of funding.
The transaction underlines bond investors' confidence in the credit quality of Saint-Gobain, whose last 10 year offering on the euro bond market took place in April 2007.
Saint-Gobain's long-term senior debt is rated BBB by Standard & Poor's and Baa2 by Moody's.
BofA Merrill Lynch, BNP Paribas and Santander GBM, as well as BBVA, Commerzbank, ING, Natixis and Mitsubishi UFJ Securities acted as lead managers for this bond issue.
Located in 64 countries with nearly 195,000 employees, Saint-Gobain, the world leader in the habitat and construction markets, designs, manufactures and distributes building materials, providing innovative solutions to meet growing demand for energy efficiency and for environmental protection.
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