By Paul A. Harris
St. Louis, Sept. 15 - Impress Holdings BV (Impress Metals) priced about €1 billion equivalent of bonds in three tranches, two of which were restructured.
The Friday transaction saw the Netherlands-based metal packaging company price tranches of €615 million and an upsized $175 million of seven-year senior secured floating-rate notes (B1/B) at par, with spreads of 312.5 basis points to three-month Euribor and three-month Libor, respectively.
That brought both tranches of secured notes on top of price talk.
The dollar-denominated tranche was upsized from $150 million.
Impress also priced a downsized €250 million issue of eight-year senior subordinated notes (B3/CCC+) at par to yield 9¼%, on the wide end of the 9% to 9¼% price talk.
The subordinated notes tranche was downsized from €275 million.
JP Morgan ran 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.
| Issuer: | Impress Metals BV
|
| Amount: | €1 billion (approximate)
|
| Bookrunner: | JP Morgan
|
| Trade date: | Sept. 15
|
| Settlement date: | Sept. 22
|
| Distribution: | Rule 144A/Regulation S
|
|
|
| Euro-denominated floaters
|
| Amount: | €615 million
|
| Maturity: | Sept. 15, 2013
|
| Security description: | Senior secured floating-rate notes
|
| Coupon: | Three-month Euribor 312.5 bps
|
| Price: | Par
|
| Yield: | Three-month Euribor 312.5 bps
|
| Call features: | Callable after one year at 102, 101
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B
|
| Price talk: | Euribor plus 312.5 bps area
|
|
|
| Dollar-denominated floaters
|
| Amount: | $175 million (upsized from $150 million)
|
| Maturity: | Sept. 15, 2013
|
| Security description: | Senior secured floating-rate notes
|
| Coupon: | Three month Libor plus 312.5 bps
|
| Price: | Par
|
| Yield: | Three month Libor plus 312.5 bps
|
| Call features: | Callable after one year at 102, 101
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: B
|
| Price talk: | Libor plus 312.5 bps
|
|
|
| Senior subordinated notes
|
| Amount: | €250 million (decreased from €270 million)
|
| Maturity: | Sept. 15, 2014
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
| Call protection: | Callable after three years at 109.25
|
| Spread: | 553 bps
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: CCC+
|
| Price talk: | 9% to 9¼%
|
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