New Issue: Innovia prices €342 million Euribor plus 500 bps six-year secured floaters at 99.5

By Paul A. Harris

Portland, Ore., Feb. 13 - Innovia Group (Finance) plc priced a €342 million issue of three-month Euribor plus 500 basis points six-year senior secured floating-rate notes (B2/B/) at 99.5 on Thursday, according to a market source.

The Euribor spread came on top of spread talk that had been revised tighter from earlier talk in the 525 bps area.

Joint bookrunner Deutsche Bank will bill and deliver. Barclays and HSBC were also joint bookrunners.

The Wigton, England-based manufacturer of specialty films plans to use the proceeds to refinance debt and to repay shareholder loans.

Issuer:	Innovia Group (Finance) plc
Face amount:	€342 million
Proceeds:	€340 million
Maturity:	March 31, 2020
Securities:	Senior secured floating-rate notes
Bookrunners:	Deutsche Bank (bill and deliver), Barclays, HSBC
Coupon:	Three-month Euribor plus 500 bps
Price:	99.5
Call features:	Make-whole at Bunds plus 50 bps until March 15, 2015, then callable at 101, par on and after March 15, 2016
Trade date:	Feb. 13
Settlement date:	Feb. 21
Ratings:	Moody's: B2
	Standard & Poor's: B
Distribution:	Rule 144A and Regulation S
Price talk:	Euribor plus 500 bps at 99.5, revised from 525 bps
Marketing:	Roadshow

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