Euro High Yield: HeidelbergCement

Issuer: HeidelbergCement
Issue date: Oct 14, 2009
Size: €2.5 billion
Maturity: Oct 31, 2014, Jan 31, 2017, Oct 31, 2019
Ratings at issue: B3/CCC+ (Moody’s, S&P)
Pricing: €1 billion 5yr, 7.5% (550bp over bunds), €1 billion 7yr, 8% (565bp over bunds), €500 million 10yr, 8.5% (580bp over bunds)

Bookrunners: RBS, Deutsche Bank, Bank of America Merrill Lynch, Commerzbank

Operating in 40 countries, Germany’s HeidelbergCement is one of the world’s biggest manufacturers of building materials. But the build up