WEPA launches €250 million 5 5/8% secured notes due 2031 at 99.288 to yield 5¾%

By Paul A. Harris

Portland, Ore., Jan. 17 – WEPA Hygieneprodukte GmbH launched its €250 million offering of 5 5/8% senior secured notes due January 2031 (B1/B+) at 99.288 to yield 5¾% on Wednesday, according to market sources.

The yield came at the tight end of the 5¾% to 5 7/8% yield talk. Initial guidance was in the 6% area.

The Rule 144A and Regulation S for life deal is set to allocate later Wednesday.

The seven-year notes become subject to an initial call in three years at 102.813.

Left bookrunner and global coordinator HSBC will bill and deliver. Deutsche Bank is a joint physical bookrunner. JPMorgan is a joint bookrunner. Commerzbank is the co-manager.

The Germany-based producer and supplier of tissue products plans to use the proceeds to fully redeem its €200 million of outstanding floating-rate notes due December 2026, as well as to fund a dividend, and for general corporate purposes, including mergers and acquisitions.

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