Impress Metals talks restructured €1 billion three-part note offering

By Paul A. Harris

St. Louis, Sept. 13 - Price talk emerged Wednesday on Impress Holdings BV (Impress Metals)'s restructured €1 billion offering of notes, according to market sources.

The Deventer, the Netherlands-based metal packaging company is in the market with €730 million equivalent of seven-year senior secured floating-rate notes (B1).

The euro-denominated notes were talked at the 312.5 basis points area. Talk on a dollar-denominated tranche is expected to be announced on Thursday afternoon. However, the talk on the dollar-denominated floating-rate notes is expected to come in the context of the talk on the euro tranche, according to a source.

Call protection on the seven-year floating-rate notes has been extended to one year, after which the notes may be called at 102, then at 101 after two years. The floating-rate notes were formerly in the market with only six months of call protection.

Meanwhile the company talked its €270 million tranche of eight-year senior subordinated notes (B3) at 9% to 9¼%.

The fixed-rate notes become callable in three years at par plus the full coupon.

The books close for European investors at noon ET Thursday.

The notes are expected to price on Friday.

JP Morgan has the books for the Rule 144A and Regulation S transaction.

Part of proceeds will be used to repay term debt, including debt for the acquisition of the European aerosol and food can operations of US Can, with the remaining €480 million to be loaned to Impress Coöperatieve UA.

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