Adler Pelzer starts roadshow for €230 million seven-year notes

By Paul A. Harris

Portland, Ore., July 16 – A roadshow started on Wednesday for HP Pelzer Holding GmbH’s €230 million offering of seven-year senior secured notes, according to a market source.

The roadshow wraps up on Monday, and the deal is set to price thereafter.

Joint bookrunner JPMorgan will bill and deliver. UniCredit is also a joint bookrunner.

The Rule 144A and Regulation S for life notes come with three years of call protection.

Mid-to-high single B ratings are expected to be assigned to the notes.

Proceeds will be used to refinance debt, for general corporate purposes, and to fund the purchase of Adler SpA's foreign subsidiaries.

Milan, Italy-based Adler acquired HP Pelzer in 2013.

The company manufactures acoustic and thermal components and systems for the automotive sector.

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