PARIS, September 21, 2011 /PRNewswire/ --
- EUR 1000 million, 4 year maturity, annual coupon of 3.50%
- EUR 750 million, 8 year maturity, annual coupon of 4.50%
Compagnie de Saint-Gobain today set the terms of a dual-tranche bond issue for a total amount of EUR 1.75 billion with an average maturity of around 6 years and an average annual coupon of around 4%.
The strong demand generated by this operation (with an orderbook for the two tranches of over EUR 7 billion from close to 400 investors) enabled Saint-Gobain to complete the issue within a short time with a higher size and an improved pricing compared to the initial targets.
This bond issue, which will mainly serve to refinance existing debt, enables Saint-Gobain to both lengthen the average maturity of its debt and optimize its average cost of funding.
The transaction underlines bond investors' confidence in the credit quality of Saint-Gobain, whose last offering on the euro bond market took place in September 2010.
Saint-Gobain's long-term senior debt is rated BBB by Standard & Poor's and Baa2 by Moody's.
Crédit Agricole Corporate & Investment Banking, J.P.Morgan, The Royal Bank of Scotland and Société Générale Corporate & Investment Banking acted as lead managers for this bond issue.
Located in 64 countries with nearly 190,000 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.
Florence TRIOU-TEIXERA +33-1-47-62-45-19
Etienne HUMBERT +33-1-47-62-30-49
Vivien DARDEL +33-1-47-62-44-29
Sophie CHEVALLON +33-1-47-62-30-48