Impress Metals talks $150 million tranche of seven-year floaters at Libor plus 312.5 bps area

By Paul A. Harris

St. Louis, Sept. 14 - Impress Holdings BV (Impress Metals) talked a $150 million tranche of seven-year floating-rate notes (B1) at the Libor plus 312.5 basis points area on Thursday, according to a market source.

The tranche is part of an overall €1 billion equivalent three-part transaction, which is expected to price on Friday.

The overall size of the seven-year senior secured floating-rate note issuance is expected to be €730 million equivalent.

Also on Thursday, Impress Metals set a €615 million size on its euro-denominated senior secured floating-rate note tranche (B1). On Wednesday those notes were talked at a 312.5 basis points spread to Euribor.

The floating-rate notes will be callable in one year at 102, with the call premium declining to 101 in year two. In a restructuring of the call provisions, call protection was increased from the earlier announced six months.

The transaction will also include a €270 million tranche of eight-year fixed-rate senior subordinated notes (B3), which were talked on Wednesday at 9% to 9¼%.

The subordinated notes will be callable in three years at par plus the full coupon.

JP Morgan has the books for the Rule 144A and Regulation S notes.

Part of proceeds will be used to repay term debt, including debt for the acquisition of the European aerosol and food can operations of US Can, with the remaining €480 million to be loaned to Impress Coöperatieve UA.

Impress Metals is a Deventer, the Netherlands-based metal packaging company.

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