New Issue: IFCO Systems €110 million seven-year notes yield 10 3/8%

By Paul A. Harris

St. Louis, Oct. 6 - IFCO Systems NV priced €110 million of senior secured notes due Oct. 15, 2010 (B2/B-) at par Monday to yield 10 3/8%, according to market sources.

Price talk was for a yield of 10¼%-10½%.

Deutsche Bank Securities ran the books on the Rule 144A (with no registration rights) offering.

Proceeds will be used to refinance existing debt.

The issuer is an Amsterdam, Netherlands-based provider of logistics services and reusable plastic containers.

Issuer:	IFCO Systems NV
Amount:	€110 million
Maturity:	Oct. 15, 2010
Security description:	Senior secured notes
Bookrunner:	Deutsche Bank Securities
Coupon:	10 3/8%
Price:	Par
Yield:	10 3/8%
Spread:	658 basis points
Call features:	Callable after Oct. 15, 2006 at 110.375, then 105.188, 102.594, declining to par on Oct. 15, 2009 and thereafter
Equity clawback:	Until Oct. 15, 2006 for 35% at 110.375
Settlement date:	Oct. 10
Ratings:	Moody's: B2
	Standard & Poor's: B-
Price talk:	10¼%-10½%

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