Waste Recycling £500 million notes talked 8¾%-9% on fixed, Libor plus 350-375 bps on floater

By Paul A. Harris

St. Louis, Dec. 8 - Waste Recycling Group Ltd. circulated price talk Wednesday on its £500 million two-part offering of high-yield bonds, according to a market source. Terms are expected on Thursday morning.

Price talk is Libor plus 350 to 375 basis points on WRG Acquisitions plc's (parent of Waste Recycling Group Ltd.) £250 million of seven-year second-lien floating-rate notes (B1/B+).

Meanwhile talk is 8¾%-9% on WRG Finance plc's (newly formed parent of WRG Acquisitions plc) £250 million 10-year fixed-rate senior notes (B3/B).

Deutsche Bank Securities, Merrill Lynch & Co. and Barclays Capital are joint bookrunners for the Rule 144A/Regulation S issue.

Proceeds will be used to refinance debt and fund a dividend. The equity sponsor is Terra Firma Capital.

Waste Recycling Group is a Doncaster, U.K.-based company that handles household, commercial and industrial waste.

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