Germany's Xella starts roadshow for €200 million five-year PIK notes; pricing late this week

By Paul A. Harris

Portland, Ore., Oct. 7 - Germany-based Xella HoldCo Finance SA began a roadshow on Monday for a €200 million offering of five-year PIK toggle notes (expected ratings B3/B-), according to a market source.

The deal is expected to price late in the present week.

Global coordinator Morgan Stanley will bill and deliver. Goldman Sachs is also a global coordinator.

BNP Paribas, UniCredit and Credit Agricole CIB are the joint bookrunners.

The Duisburg, Germany-based building materials manufacturer plans to use the proceeds to finance the acquisition of vendor loan notes from Haniel Group and to put cash on its balance sheet.

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