SOCRAM issues a senior FRN issue
SOCRAM has mandated BNP Paribas and Natexis Banques Populaires to lead-manage its new floating rate senior benchmark issue. The French company, dealing in automotive financing for French automotive mutual insurers, has issued a five-year bond with a coupon of 35 basis points over three-month Euribor. This issue enables SOCRAM to finance growth and refinance its debt profile.
The issue, worth ?275 million, was placed with banks (65%), asset managers (25%) and insurers and pension funds (10%).
Amount: ?275 million
Coupon: 3M Euribor +35 bp
Issue date: 29 September 2004
Settlement date: 12 October 2004
Maturity: 12 October 2009
Issue price/re-offer: 99.857% (3M Euribor +38 bp)
Rating: BBB+ stable (S&Ps)
Joint bookrunners: BNP Paribas and Natexis Banques Populaires