Published on 4/17/2015 in the Prospect News High Yield Daily.
New Issue: Heidelberger Druck prices €205 million 8% seven-year notes at 97.93 to yield 8½%
By Paul A. Harris
Portland, Ore., April 17 – Germany’s Heidelberger Druckmaschinen AG priced a €205 million issue of 8% seven-year senior notes (Caa1/CCC+) at 97.39 to yield 8½% on Friday, according to a market source.
The yield printed at the wide end of the 8¼% to 8½% yield talk.
Joint bookrunner Deutsche Bank will bill and deliver. BNP Paribas, Commerzbank, HSBC and LLBW are also joint bookrunners.
The Heidelberg, Germany-based manufacturer of offset printing presses plans to use the proceeds to fund the redemption of part of its 9¼% senior notes due 2018.
| Issuer: | Heidelberger Druckmaschinen AG
|
| Amount: | €200 million
|
| Tenor: | Seven years
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank (bill and deliver), BNP Paribas, Commerzbank, HSBC, LLBW
|
| Co-managers: | DZ Bank, IKB
|
| Coupon: | 8%
|
| Price: | 97.39
|
| Yield: | 8½%
|
| Call protection: | Three years
|
| Trade date: | April 17
|
| Settlement: | May 5
|
| Ratings: | Moody's: Caa1
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 8¼% to 8½%
|
| Marketing: | Roadshow
|
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