Reno de Medici guides €445 million five-year floating-rate notes at Euribor plus 500-525 bps

By Paul A. Harris

Portland, Ore., Nov. 23 – Reno de Medici SpA began marketing a €445 million offering five-year senior secured floating-rate notes (B2/B/BB-) on Tuesday, according to a market source.

Initial guidance has the deal coming with a 500 basis points to 525 bps spread over Euribor, with no Euribor floor, at an issue price of 99.5.

Left bookrunner and global coordinator Barclays will bill and deliver. BNP Paribas is also a global coordinator.

Credit Suisse, Intesa Sanpaolo and UniCredit are the joint bookrunners.

The Rule 144A and Regulation S notes become callable after one year at 101.

The issuing entity will be Rimini BidCo SpA.

The Italy-based cardboard manufacturer plans to use the proceeds to repay debt, including BidCo debt.

© 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.