Clariane - comment

Clariane has issued a new 5-year, €400m Senior Unsecured bond, priced at 7.875%. Pricing tightened from 8.25% with the Use of Proceeds to refinance existing debt, including the redemption of the OCEANE bonds. Clariane reported that the order book was over €1.2 billion. This issuance, coupled with the disposal of its Petits-fils homes care business earlier this month, has enabled Clariane to finalise the recapitalisation plan first issued in November 2023. Morgan Stanley was the lead bank and sole Bookrunner.