Impress Holdings to start roadshow Wednesday for €1 billion note offering

By Paul A. Harris

St. Louis, Sept. 5 - A roadshow will get underway on Wednesday in Amsterdam for Impress Holdings BV's (Impress Metals) €1 billion two-tranche offering of notes, according to a market source.

Pricing is expected late next week.

The offering will be comprised of a €730 million tranche of seven-year senior secured floating-rate notes (B1), with six months of call protection, and a €270 million tranche of eight-year fixed-rate senior subordinated notes (B3), with three years of call protection.

JP Morgan is the bookrunner for the Rule 144A and Regulation S deal.

In addition to the proceeds from the proposed notes sale the company will continue to have access to its existing €80 million revolver.

A portion of the proceeds will be used to repay term debt, including funds drawn down to finance the company's recently completed acquisition of the European aerosol and food can operations of US Can.

The remaining €480 million of proceeds will be loaned to Impress Coöperatieve U.A., the newly formed holding company of the Impress group. The proceeds of the loan, together with the proceeds of an offering of depositary receipts representing €80 million participation interests, will be primarily used to acquire the company's existing preferred and ordinary shares from existing shareholders.

Impress Metals, based in Deventer, the Netherlands, is a supplier of metal packaging including food cans, as well as cans for paints and coatings and aerosol cans.

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