Reno de Medici talks €445 million five-year floating-rate notes at Euribor plus 525 bps at 98.5

By Paul A. Harris

Portland, Ore., Nov. 30 – Reno de Medici SpA talked its €445 million offering five-year senior secured floating-rate notes (B2/B/BB-) at Euribor plus 525 basis points with no Euribor floor and an issue price of 98.5 on Tuesday, according to a market source.

Spread talk comes at the wide end of the 500 bps to 525 bps initial guidance. Price talk comes 1 point cheap to initial guidance of 99.5

Books were scheduled to close on Tuesday, with the deal expected to price later in the day.

The deal had been expected to price last week but was held in the market due to the late-November capital markets turbulence sparked by new coronavirus concerns.

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.