By Paul A. Harris
Portland, Ore., May 2 - Germany's WEPA Hygieneprodukte GmbH priced an upsized €275 million issue of seven-year senior secured notes (B1) at par to yield 6½% on Thursday, according to a market source.
The deal was upsized from €250 million.
The yield printed on top of yield talk that was revised from earlier talk, which had the notes coming in the 6¾% area.
Deutsche Bank and HSBC managed the sale.
The Arnsberg, Germany-based manufacturer of toilet paper, napkins, kitchen towels, handkerchiefs and facial tissues plans to use the proceeds to refinance debt and to help fund the acquisition of Marsberger Kraftwerksgesellschaft.
| Issuer: | WEPA Hygieneprodukte GmbH
|
| Amount: | €275 million, upsized from €250 million
|
| Maturity: | May 15, 2020
|
| Securities: | Senior secured notes
|
| Managers: | Deutsche Bank, HSBC
|
| Coupon: | 6½%
|
| Price: | Par
|
| Yield: | 6½%
|
| Spread: | 588 bps
|
| Call protection: | Three years
|
| Trade date: | May 2
|
| Settlement date: | May 13
|
| Rating: | Moody's: B1
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 6½%, revised from 6¾% area
|
| Marketing: | Roadshow
|
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