By Paul A. Harris
Portland, Ore., Nov. 30 – Reno de Medici SpA priced a €445 million issue of five-year senior secured floating-rate notes (B2/B/BB-) at 98.5 with a coupon of Euribor plus 525 basis points on Tuesday, according to a market source.
There is no Euribor floor on the sustainability-linked notes.
The spread and issue price came on top of talk. However, the spread came at the wide end of the 500 bps to 525 bps initial guidance. And the issue price came cheap to 99.5 initial price guidance.
The deal had been expected to price last week but was held in the market over the weekend 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. Joint bookrunners were Credit Suisse, Intesa Sanpaolo and UniCredit.
The Italy-based cardboard manufacturer plans to use the proceeds to repay debt, including BidCo debt.
| Issuer: | Rimini BidCo SpA
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| Amount: | €445 million
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| Securities: | Senior secured floating-rate sustainability-linked notes
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| Maturity: | Dec. 14, 2026
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| Left bookrunner: | Barclays (bill and deliver)
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| Global coordinators: | Barclays and BNP Paribas
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| Joint bookrunners: | Credit Suisse, Intesa Sanpaolo and UniCredit
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| Coupon: | Euribor plus 525 bps
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| Price: | 98.5
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| First call: | Dec. 14, 2022 at 101
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| Trade date: | Nov. 30
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| Settlement date: | Dec. 14
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| Ratings: | Moody's: B2
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| S&P: B
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| Fitch: BB-
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| Distribution: | Rule 144A and Regulation S
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| Price talk: | Euribor plus bps at 99.5
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