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, priced a €160 million issue of 8% senior secured notes due April 15, 2019 (B2/expected B) at 97.41 to yield 8¾% on Wednesday, market sources said.
The yield came at the tight end of talk, which specified an 8¾% to 9% yield, including an original issue discount.
Global coordinator Credit Suisse will bill and deliver. Rabobank was 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.
| Issuer: | Hydra Dutch Holdings 2 BV (Eden Springs)
|
| Amount: | €160 million
|
| Maturity: | April 15, 2019
|
| Securities: | Senior secured notes
|
| Global coordinator: | Credit Suisse
|
| Joint bookrunner: | Rabobank
|
| Coupon: | 8%
|
| Price: | 97.41
|
| Yield: | 8¾%
|
| First call: | Feb. 1, 2016 at 104
|
| Trade date: | Jan. 21
|
| Settlement date: | Jan. 29
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: expected B
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8¾% to 9% including OID
|
| Marketing: | Roadshow
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
