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Upfield (SIGBID; B1/B/B+) 5NC2 Price Talk (Private co)

CONSUMER STAPLES

Price talk: Sr Sec €400m 5NC2 7% (+/-12.5) (or Z+418) vs. IPT low 7%s

* No net supply here its paying down €233m of €677 outstanding Euro May 26s and €167m of the €451m $ eqv. line.


Pricing at top-end of consumer B's and giving Avis some company in the 7 handle. Note 10% callable in first 2 years at 103 and is also callable on a IPO at 102. No firm view from us,, what we said above vs. Bertrand;

"Bertrand (France burger king & other restraints) priced its 6NC2 (B2/B) at 6.5% (~Z+350) after IPT came in 7-to-low-7s. It's a tad in since at OAS+320/6.2% to a 4yr par call. Bertrand ran net 5.7x leverage, Upfield 6.5x. Similar EBITDA margins (high 20's) and cash conversion on that (low 80s). Volume are declining for Upfield."

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