BUREAU VERITAS :successfully raises USD 355 million 10-year USPP
Bureau Veritas successfully raises USD 355 million 10-year USPP
Neuilly-sur-Seine, France, September 4, 2017
- Bureau Veritas successfully raises USD 355 million on the USPP market through a 10-year dual-issuance.
On September 1
, 2017, the first USD 200 million tranche was issued by the Group's US subsidiary, Bureau Veritas Holdings, Inc.
The USD 155 million second tranche is issued by Bureau Veritas SA with a one-year delayed funding in July 2018.
This transaction illustrates the high confidence of investors in the Bureau Veritas model and in the quality of its credit profile.
Bureau Veritas is a repeat issuer on this market since 2008. With this issuance Bureau Veritas:
seizes attractive market conditions to refinance its USD debt at a 3.67% rate (with a 35bps premium to be added for 12 months deferral), equivalent to 1.68% in EUR fixed rate. Deferred USD155m component refinances a 6.7% fixed rate debt;
lengthens the maturity of its debt from an average of 4.0 years to 5.1 years post operation;
obtains a one-year delayed drawn tranche rarely achieved;
expands its US investor base with 10 new investors.
Bank of America ML, Natwest Markets and Barclays were the agents of this transaction.
About Bureau Veritas
Bureau Veritas is a world leader in laboratory testing, inspection and certification services. Created in 1828, the Group has 72,000 employees located in 1,400 offices and laboratories around the globe. Bureau Veritas helps its clients improve their performance by offering services and innovative solutions in order to ensure that their assets, products, infrastructure and processes meet standards and regulations in terms of quality, health and safety, environmental protection and social responsibility. Bureau Veritas is listed on Euronext Paris and belongs to the Next 20 index.
Compartment A, ISIN code FR 0006174348, stock symbol: BVI.
For more information, visit