By Paul A. Harris
Portland, Ore., May 9 - Germany's ista priced a downsized €875 million two-part offering of notes on Wednesday, according to a market source.
The energy metering company priced a downsized €350 million issue of seven-year secured notes (B1) at the holding company level, via Trionista HoldCo GmbH. The notes priced at par to yield 5%, on top of yield talk. The tranche was downsized from €500 million.
The operating company, Trionista TopCo GmbH, priced a €525 million tranche of eight-year senior subordinated notes (Caa1) at par to yield 6 7/8%. The yield printed at the tight end of yield talk that was set in the 7% area.
Deutsche Bank was the global coordinator for the deal, the overall size of which was decreased from €1,025,000,000.
BofA Merrill Lynch, Goldman Sachs, JPMorgan, Nomura and UniCredit were 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.
| Issuer: | ista
|
| Amount: | €875 million, decreased from €1.025 billion
|
| Global coordinator: | Deutsche Bank
|
| Bookrunners: | BofA Merrill Lynch, Goldman Sachs, JPMorgan, Nomura, UniCredit
|
| Trade date: | May 8
|
| Settlement date: | May 22
|
| Distribution: | Rule 144A and Regulation S
|
| Marketing: | Roadshow
|
|
|
| Notes due 2020
|
| Issuer: | Trionista Holdco GmbH
|
| Amount: | €350 million, decreased from €500 million
|
| Maturity: | April 30, 2020
|
| Securities: | First-lien notes
|
| Coupon: | 5%
|
| Price: | Par
|
| Yield: | 5%
|
| Spread: | 426 bps
|
| Call protection: | Three years
|
| Rating: | Moody's: B1
|
| Price talk: | 5% area
|
|
|
| Notes due 2021
|
| Issuer: | Trionista Topco GmbH
|
| Amount: | €525 million
|
| Maturity: | April 30, 2021
|
| Securities: | Senior subordinated notes
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 592 bps
|
| Call protection: | Three years
|
| Rating: | Moody's: Caa1
|
| Price talk: | 7% area
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
