France's Ascometal starts roadshow for €300 million eight-year notes

By Paul A. Harris

Portland, Ore., March 12 - France's Ascometal SA began a roadshow in Europe on Monday for a €300 million offering of eight-year senior secured notes (expected ratings B3/B-), according to an informed source.

The European roadshow wraps up on Wednesday and will be followed by a roadshow in the United States, which is set to run from March 16 to March 20.

Joint bookrunner Bank of America Merrill Lynch will bill and deliver. Morgan Stanley is also a joint bookrunner.

The Rule 144A and Regulation S for life notes come with four years of call protection and feature a 101% poison put.

The issuing entity will be Captain BidCo SAS, a special purpose vehicle of the Courbevoie, France-based steel producer.

Proceeds will be used to refinance debt used to fund the acquisition of Ascometal.

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