By Paul A. Harris
Portland, Ore., Oct. 16 - EWOS Group priced €225 million and NOK 1.81 billion of seven-year senior secured notes (B2/B/) on Wednesday, according to market sources.
A downsized €225 million tranche of fixed-rate notes priced at par to yield 6¾%.
The tranche was downsized from €300 million. The yield came 12.5 basis points inside of yield talk that was set in the 7% area.
Global coordinator Deutsche Bank will bill and deliver for the euro-denominated notes. Rabobank and Danske Bank were the joint bookrunners for the euro-denominated notes.
In additional EWOS priced an upsized NOK 1.81 billion issue of floating-rate notes at par to yield three-month Nibor plus 500 bps.
The tranche was upsized from NOK 1 billion. The spread came at the tight end of the 500 bps to 525 bps spread talk.
Joint global coordinator Swedbank will bill and deliver for the krone-denominated tranche. Deutsche Bank was also a global coordinator for the krone-denominated tranche. Danske Bank was the joint bookrunner for the krone-denominated tranche.
Proceeds will be used to help fund the acquisition of EWOS by Altor Fund III GP Ltd. and Bain Capital LLC from Cemaq and put cash on the balance sheet.
The financing also included a NOK 1.04 billion Nibor plus 920 bps seven-year senior subordinated notes (/CCC+/) which were privately placed.
EWOS is a Bergen, Hordaland, Norway-based producer of feed for farm-raised fish.
| Issuer: | Albain Bidco Norway AS (EWOS Group)
|
| Maturity: | Nov. 1, 2020
|
| Securities: | Senior secured notes
|
| Trade date: | Oct. 16
|
| Settlement date: | Oct. 31
|
| Ratings: | Moody's: B2
|
| Standard & Poor's: B
|
| Marketing: | Roadshow
|
|
|
| Fixed-rate notes
|
| Amount: | €225 million, decreased from €300 million
|
| Coupon: | 6¾%
|
| Price: | Par
|
| Yield: | 6¾%
|
| Spread: | 550 bps
|
| First call: | Nov. 1, 2017 at 101.688
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7% area
|
| Global coordinator: | Deutsche Bank (bill and deliver)
|
| Joint bookrunners: | Rabobank, Danske Bank
|
|
|
| Floating-rate notes
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| Amount: | NOK 1.81 billion, increased from NOK 1 billion
|
| Coupon: | Three-month Nibor plus 500 bps
|
| Price: | Par
|
| Yield: | Three-month Nibor plus 500 bps
|
| First call: | Nov. 1, 2016 at 104
|
| Distribution: | Regulation S
|
| Price talk: | Nibor plus 500 to 525 bps
|
| Joint global coordinators: | Deutsche Bank, Swedbank (bill and deliver)
|
| Joint bookrunner: | Danske Bank
|
| Co-manager: | Carnegie
|
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