By Angela McDaniels
Tacoma, Wash., March 17 – Eagle Industries Oy priced €105 million of 8¼% senior secured bonds due 2020, according to a term sheet.
Pareto Securities Oy is the bookrunner.
Beginning 18 months after issuance, the company must repay €7.5 million principal amount of the bonds every six months.
The bonds have a make-whole call at the German government bond rate plus 50 basis points for the first 48 months after issuance. They are then callable at 101.65 until 54 months after issuance, at which point they will become callable at 100.825. The company may redeem up to 30% of the bonds under an equity clawback provision if it has an initial public offering.
There is a change-of-control put option at 101.
Proceeds will be used to finance the conversion of a paper machine into producing carton board and for general corporate purposes. The paper machine is owned by Kotkamills Oy, which Eagle Industries plans to acquire.
Eagle Industries is business services company based in Helsinki.
| Issuer: | Eagle Industries Oy
|
| Issue: | Senior secured bonds
|
| Amount: | €105 million
|
| Maturity: | March 13, 2020
|
| Bookrunner: | Pareto Securities Oy
|
| Coupon: | 8¼%
|
| Call option: | Make whole-call at German government bond rate plus 50 bps for first 48 months, then callable at 101.65 until 54 months after issuance and then at 100.825
|
| Equity clawback: | For up to 30% of bonds if company has initial public offering
|
| Change-of-control put: | At 101
|
| Pricing date: | March 6
|
| Settlement date: | March 13
|
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