Cedacri on roadshow for €250 million five-year floaters; initial talk Euribor plus 550 bps at 92-93

By Paul A. Harris

Portland, Ore., May 10 – Cedacri SpA started a roadshow on Wednesday for a €250 million offering of senior secured floating-rate notes due May 15, 2028 (expected ratings B3/B/B-), according to market sources.

Initial talk has the notes coming with a 550 basis points spread to Euribor at an original issue discount of 92 to 93.

The roadshow wraps up on Friday, and the Rule 144A and Regulation S for life deal is set to price thereafter.

The five-year notes become callable after one year at par and feature a 101% poison put.

The notes are protected by incurrence covenants.

Sole global coordinator BNP Paribas will bill and deliver. UniCredit is a joint bookrunner.

The Parma, Italy-based financial technology and services provider plans to use the proceeds to make a tax step-up payment, as well as to fund a distribution, and for general corporate purposes.

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