Germany's ista to start roadshow on Monday for €1.03 billion notes to fund LBO

By Paul A. Harris

Portland, Ore., May 3 - Germany's ista plans to start a roadshow on Monday for its €1.025 billion two-part notes offering, in a deal that is set to price late in the week ahead, according to an informed source.

The German energy metering company is offering €500 million of seven-year secured notes (expected /B+/) at the holding company level, via Trionista HoldCo GmbH, and €525 million of eight-year unsecured notes (expected /B/) at the operating company level, via Trionista TopCo GmbH.

Both tranches of notes come with three years of call protection.

Deutsche Bank is the global coordinator. BofA Merrill Lynch, Goldman Sachs, JPMorgan, Nomura and UniCredit are the joint bookrunners.

Proceeds will be used to fund the leveraged buyout of the company by CVC Capital Partners.

The company is based in Essen, Germany.

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