WFS Global/Promontoria set price talk in €660 million two-part deal; pricing Friday

By Paul A. Harris

Portland, Ore., July 26 – Price talk surfaced Thursday in the WFS Global Holding SAS (Promontoria Holding 264 BV) €660 million two-part offering of senior secured notes due 2023 (B3/B-), according to a market source.

The deal features fixed-rate notes, which come with two years of call protection and are talked at 6¾% to 7%.

The deal also features floating-rate notes with one year of call protection, which are talked at Euribor plus 625 basis points to 650 bps.

Tranche sizes remain to be determined.

The notes are expected to price on Friday.

BofA Merrill Lynch and Barclays are the global coordinators. Citigroup, RBC and ING are joint bookrunners.

Proceeds, together with equity contributions from Cerberus Capital and the existing management of WFS Global, will be used to finance the indirect acquisition of WFS by Cerberus, including the repayment of certain WFS debt.

WFS Global is a Paris-based cargo handler.

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