Published on 5/9/2023 in the Prospect News High Yield Daily.
New Issue: Crown European Holdings prices upsized €500 million 5% five-year bullet at par
By Paul A. Harris
Portland, Ore., May 9 – Crown European Holdings SA priced an upsized €500 million issue of five-year senior bullet notes (Ba1/BB+) at par to yield 5% on Tuesday, according to market sources.
The issue size increased from €400 million.
The yield printed at the tight end of the 5% to 5 1/8% yield talk. Initial guidance was in the 5¼% area.
Active bookrunner BNP Paribas will bill and deliver. Deutsche Bank and UniCredit were also active bookrunners. Passive bookrunners were BofA, Citigroup, Credit Agricole CIB, Mizuho, Santander, Scotia, SMBC, TD and Wells Fargo.
The Zug, Switzerland-based supplier of food, beverage and consumer products packaging plans to use the proceeds for the temporary repayment of debt under its senior secured revolver.
| Issuer: | Crown European Holdings SA
|
| Amount: | €500 million, increased from €400 million
|
| Issue: | Senior notes
|
| Maturity: | May 15, 2028
|
| Active bookrunners: | BNP Paribas (bill and deliver), Deutsche Bank and UniCredit
|
| Passive bookrunners: | BofA, Citigroup, Credit Agricole CIB, Mizuho, Santander, Scotia, SMBC, TD and Wells Fargo
|
| Co-managers: | HBAN, ING, MUFG, PNC and Rabo
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | 273.9 bps
|
| Call protection: | Par call one month prior to maturity; otherwise, non-callable
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| Trade date: | May 9
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| Settlement date: | May 18
|
| Ratings: | Moody’s: Ba1
|
| S&P: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¼% area
|
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