By Paul A. Harris
Portland, Ore., Nov. 16 – Huhtamaki Oyj priced a €300 million issue of 5 1/8% five-year senior notes (BB+) at 99.463 to yield 5¼% on Thursday, according to a market sources.
The yield printed at the tight end of the 5¼% to 5 3/8% revised yield talk. Earlier talk was in the 5½% area. Early guidance was in the 5¾% area.
The deal played to €1.4 billion of demand at the final talk, a source said.
Joint lead managers were BNP Paribas, Nordea and SEB.
The Espoo, Finland-based packaging company plans to use the proceeds to fund the concurrent tender for €150 million of its 1 5/8% notes due October 2024 and for general corporate purposes.
| Issuer: | Huhtamaki Oyj
|
| Amount: | €300 million
|
| Issue: | Senior notes
|
| Maturity: | Nov. 24, 2028
|
| Joint lead managers: | BNP Paribas, Nordea (bill and deliver) and SEB
|
| Coupon: | 5 1/8%
|
| Price: | 99.463
|
| Yield: | 5¼%
|
| Spread: | 219.9 bps
|
| Call protection: | Make-whole call at Bunds plus 40 bps until three months prior to maturity, then callable at par, otherwise non-callable
|
| Trade date: | Nov. 16
|
| Settlement date: | Nov. 24
|
| Rating: | S&P: BB+
|
| Distribution: | Regulation S
|
| Price talk: | 5¼% to 5 3/8%, revised from 5½% area
|
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