Waste Italia deepens discount talk on €200 million five-year notes to 92.29; pricing Thursday

By Paul A. Harris

Portland, Ore., Nov. 13 – Waste Italia SpA revised talk for its €200 million offering of five-year senior secured notes (B2) on Thursday, deepening the proposed discount to 92.29 from 94.5.

Coupon talk is unchanged.

The deal is now talked with a 10½% coupon at 92.29 to yield 12 5/8%.

The deal is set to price Thursday.

Jefferies has the books for the Rule 144A and Regulation S for life deal.

The notes come with three years of call protection.

Proceeds will be used to repay debt, to fund acquisitions and for general corporate purposes.

Waste Italia is a Milan-based vertically integrated provider of waste management services in northern Italy.

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