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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%).

Deal Breakdown


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

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