Eden Springs talks €160 million secured notes due April 2019 at discount to yield 8¾%-9%

By Paul A. Harris

Portland, Ore., Jan. 21 – Hydra Dutch Holdings 2 BV, the Netherlands-based holding company of water and coffee solutions provider Eden Springs, talked a €160 million offering of secured notes due April 15, 2019 (B2/expected B) at a discount to yield 8¾% to 9%, according to a market source.

Books were scheduled to close at 11 a.m. ET on Wednesday, after which the deal was set to price.

Global coordinator Credit Suisse will bill and deliver for the Rule 144A and Regulation S for life deal. Rabobank is the joint bookrunner.

Proceeds will be used to fund the acquisition of Nestle Water Direct businesses and to repay bank debt.

The company has also undertaken an exchange offer for €35 million of its outstanding €210 million senior secured floating-rate notes due 2019 into new fixed-rate notes.

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