By Paul A. Harris
Portland, Ore., March 27 – Reno de Medici SpA priced at upsized €600 million issue of five-year senior secured sustainability-linked floating-rate notes (B2/B/BB-) with a 500 basis points spread to Euribor at OID 98, according to a market source.
The issue size increased from €590 million.
The spread came on top of spread talk. The price came at the cheap end of the 98 to 98.5 price talk.
Bookrunners were Barclays (bill and deliver) and BNP Paribas Securities Corp. Additional bookrunning managers were Intesa Sanpaolo, UBS Securities LLC and UniCredit Capital Markets LLC.
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.
| Issuer: | Reno de Medici SpA
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| Amount: | €600 million
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| Issue: | Senior secured notes
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| Maturity: | April 15, 2029
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| Bookrunners: | Barclays (bill and deliver) and BNP Paribas Securities Corp.
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| Bookrunning managers: | Intesa Sanpaolo, UBS Securities LLC and UniCredit Capital Markets LLC
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| Co-manager: | Apollo
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| Coupon: | Euribor plus 500 bps
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| Price: | 98
|
| Call protection: | Starting on March 31, 2025 at par
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| Trade date: | March 27
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| Settlement date: | April 8
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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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| ISINs: | XS2798174434, XS2798171414
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| Price talk: | Euribor plus 500 bps at 98 to 98.5
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