Glasstank talks €180 million 8½% five-year secured notes at discount to yield in 11% area

By Paul A. Harris

Portland, Ore., May 13 - Glasstank BV talked its €180 million offering of five-year senior secured notes (Caa1/CC) with an 8½% coupon, to price at a to-be-determined discount, and to yield in the 11% area, according to market sources.

The deal is set to price Wednesday.

Citigroup is the bookrunner for the Rule 144A and Regulation S offering.

The notes come with two years of call protection.

The Rotterdam, Netherlands-based glass container and tableware company plans to use the proceeds to refinance debt and for general corporate purposes.

Glasstank operates as Yioula Glass in Greece and the Balkans.

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