Reno de Medici launches upsized €600 million five-year floaters at Euribor plus 500 bps at 98

By Paul A. Harris

Portland, Ore., March 27 – Reno de Medici SpA increased the size of its offering of five-year senior secured sustainability-linked floating-rate notes (B2/B/BB-) to €600 million from €590 million on Wednesday, according to a market source.

The upsized deal launched with a 500 basis points spread to Euribor at an original issue discount of 98.

Books were scheduled to close at 8 a.m. ET on Wednesday.

The launch spread comes on top of spread talk. The discount comes cheap to the price talk of 98 to 98.5.

The notes are non-callable for one year.

Barclays (bill and deliver) and BNP Paribas Securities Corp. are bookrunners for the Rule 144A and Regulation S offering.

Intesa Sanpaolo, UBS Securities LLC and UniCredit Capital Markets LLC are also bookrunning managers.

Proceeds will be used to refinance the company’s floating-rate notes due 2026 and its term loan A.

Reno de Medici is a Milan, Italy-based cardboard manufacturer.

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