Clariane : Issuance of a new € 500m five-year note due 2031
Clariane capitalised on a market window to issue a € 500m bond due 2031 The new bonds are rated B2/B+ and rank pari passu with the group's existing senior unsecured notes. They have a standard high-yield structure and are callable within two years (unlike the 2030 bonds which are not callable). Proceeds from the issue will be used to refinance the schuldschein and EuroPP debt due in 2026 (€ 146m), 2027 (€ 141m) and 2028 (€ 230m). The IPT began at "low to mid 7s" and the official price-talk was launched at 7%a (+/-12.5bp). Ultimately, the bonds were issued at 6.875%. We are initiating coverage on these new notes with a Buy recommendation.Korian is an actor on the temporary and permanent dependency care market in France, Germany and Italy. Co. offers and develops services related to dependency through its retirement homes (116 as of Dec 31 2009), follow-up care and rehabilitation facilities (35 as of Dec 31 2009) and psychiatric clinics (11 as of Dec 31 2009). Co.'s operations can be divided into four geographical segments: Medical and Social activity in France (retirement homes); Sanitary activity in France (follow-up care, rehabilitation, psychiatry and home medical care); Italy; and Germany.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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